BOCA RATON, Fla. -– IRT Industries (IRG.X, OTC BB: IRTG) has formed an alliance with Native Capital Limited in which a subsidiary of IRT will operate an Internet sportsbook in St. Kitts.
Native, a company based in St. Kitts, will provide the subsidiary with knowledge, research and expertise in sportbook and Internet gaming; and a sharing, by percentages, to be agreed to, in the international revenues and/or profits, of Native (final terms may vary).
Native currently maintains a license agreement with Arrowhead Sportsbook, which is based, operated and licensed in St. Kitts. Through its license, the company may receive significant revenues from Arrowhead. Arrowhead has reported (unaudited) that it has invested approximately $1,500,000 in the pursuit of its St. Kitts gaming business, it has revenues and clients, and has assets including, computers, equipment, proprietary software, and other assets to extend its current business. The parties expressed their intention to enter into the definitive agreement within approximately 45 days.