Global Entertainment Holdings/Equities Inc. announced Thursday the acquisition of San Francisco-based Prevail Online Inc., an Internet products and services company focusing on the Internet gaming and wagering industry. Prevail Online is best known for its highly successful gambling portal site, "Where to Bet."
Under the terms of the acquisition, Global Entertainment Holdings will conduct a tax-free exchange of 163,500 shares of its common stock for 100 percent of the issued and outstanding shares of Prevail Online. Prevail Online will operate as a wholly owned subsidiary of Global Entertainment Holdings.
Along with Where to Bet (www.wheretobet.com), Prevail Online operates www.netbet.org, an online gambling information sites. The new subsidiary will also now operate TheSportsDaily.com (www.thesportsdaily), a sports information site originally maintained by Global Entertainment.
Ron Pereira, formerly the executive producer of TheSportsDaily.com, has signed a five-year management agreement to serve as president and CEO of Prevail Online. "By joining Global, Prevail Online seeks to accelerate its mission which is to provide leading-edge Internet technology, information and services to sports and wagering enthusiasts," Pereira said. "We believe Prevail Online's unique Internet properties will have an accretive effect throughout Global's business. With the existing synergies between Global's subsidiary, IGW and Prevail Online, we feel the acquisition will broaden Global's product and service offerings and help to expand our position in the Web content and publishing market.
With headquarters in Omaha, Global Entertainment Holdings/Equities provides financial consulting, investment banking and funding for its wholly owned subsidiary, Interactive Gaming and Wagering N.V. (IGW) and now Prevail Online as well.
IGW, based in Willemstad, Curacao, has developed the Internet & Telephony Sportsbook & Casino System (ITSCS), a leading turnkey sportsbook and casino software package, which it licenses.