Crypto to Buy Back Stock
CryptoLogic Inc. (CRYP) is offering cash for up to 1million of its outstanding shares by way of a Dutch auction.
The auction is subject to a maximum share price of CA $28 and a minimum
of CA $25 per share. The offer will expire at 11:59 p.m. EST on Dec. 21 unless it is withdrawn or extended.
As per Dutch auction rules, the seller specifies the minimum price and
the number of shares for sale, and the highest bidders purchase the items for the lowest successful bid. Early bidders take precedence over late bidders. This is Crypto's second buy back of the year.
BetOnSports to Float on AIM
BetOnSports is planning to float on the London Stock Exchange's Alternative Investment Market and raise £25 million through a placing. The cash infusion will push the Costa Rica Internet bookmaker's value to more than £100 million.
BetOnSports.com has seven online casinos and also offers sports betting. Betting turnover for the year starting Jan. 31 was more than £722 million; pre-tax profits were £8.3 million pounds. Shares of the company are expected to start trading in mid-December.
The site offers bets on U.S. sports and has a clientele that is mainly American, but David Carruthers, the chief executive, said the company plans to pursue the U.K. market.
"We really want to exploit territories in northern Europe and we feel that the U.K. is a premier location in terms of gaming regulation," Carruthers said.
Virtgame Gets a Little Help From its Friends
California-based Virtgame.com Corp. (VGTI: OTC BB) is receiving more than
half a million dollars in bridge financing from Lighthouse Financial Group.
Scott Walker, president and CEO, said the $510,000 in funding from the
New York-based broker dealer has helped the border-control software company navigate tough economic times.
"Given the difficulties of the capital markets, we are pleased to find financing sources to follow through with our business plan," Walker said. "Lighthouse Financial Group's continuous support is a valuable relationship to get us to our next financing level."
Virtgame, which has a sports book at www.primlinesports.com, provides technology for land-based casinos to enter the online gaming market on a jurisdiction-by-jurisdiction basis. Its stock closed Friday at 40 cents a share, a 15 percent decrease from the prior week's closing.
Turnover Up for Tab Ltd.
Wagering turnover increased 4.1 percent in the first quarter of fiscal 2001-2002 for Tab Ltd. (TAB).
Tab Ltd.'s media business is performing to its expectations, although
October was a little soft, said CEO and managing director Warren Wilson. He said if trends continue, the year-end results would be similar to last year's.
"We have excellent cash flows in the business and will continue to look for opportunities to increase the benefits for shareholders," Wilson said.
As for Melbourne Cup day, Tab Ltd. did "record everything," Wilson said.
Turnover for the racing day was up 4.3 percent from last year. Shares closed Friday at AU $2.93.
World Gaming Envisions Profitable Q4
Expecting economic fallout from the Sept. 11 attacks to clear up by the year's end, World Gaming plc (WGMGY: OTC BB) said Wednesday that it expects a profitable fourth quarter.
Mike Aymong, chief executive, said the I-gaming software company expects
2001 to end on a profitable note. The company predicts a revenue rebound in Q4 2001 and Q1 2002 to the tune of $6 million to $7 million each period. In the same time frame, World Gaming expects gross margins to return to historic levels of 75 to 80 percent.
"Looking ahead, we remain committed to developing new sports book products and to making further improvements to our European and Asian offerings," Aymong said. "In the coming months, we expect to introduce new gaming products and enter into new jurisdictions, which will contribute to ongoing revenue in the second half of fiscal 2002.
World Gaming stock closed at 53 cents on Friday.
Youbet.com Conference Call Nov. 13
Horserace wagering site Youbet.com Inc. (UBET) will have a conference
call to discuss its third quarter results at 5 p.m. EST on Nov. 13.
The company will release its Q3 report at that same date and time.
To listen to the call, go to Youbet's Web site, www.youbet.com and enter
the "About Youbet.com" page. An online replay will be available for 90 days on the site; a phone replay is accessible until Nov. 20 by calling 888-266-2086 and entering the pass code 5656773. International callers
should dial 703-925-2435 and enter the same pass code.
Report Released
Swedish I-gaming software maker Boss Media AB (BOSS.ST) this week released its third quarter report for the period ending Sept. 30. Net sales for the third quarter amounted to 38.6 million krona.
Boss Media AB (BOSS.ST) - Third Quarter Report