The Brinton Group Inc., in an agreement signed earlier this week, will give 1.1 million shares of Virtual Gaming Technology Inc. and $4 million in cash in exchange for $15 million in Oasis Resorts International Inc. stock.
Brinton is an Asian-based investment group that had acquired the Virtual Gaming stock earlier this year as part of its initial entry into U.S. gaming stocks. Company officials want the Oasis shares for investment and diversification purposes.
"Our group has a keen interest in developing strategic alliances and then funding the growth of these alliances. This transaction fits our short term and long term investment objectives: it combines our Virtual Gaming investment with a brick and mortar gaming company," said Gary Zinn, director of public relations for The Brinton Group.
With the stock and cash infusion, Oasis plans to develop its Internet gaming activities, according to Jon Lawver, an Oasis director. Additionally, the company will satisfy obligations for its Oasis, Nevada hotel/casino projects, and its Tunisian properties. Lawver also said that Oasis expects to close on the purchase of the Virtual Gaming interest together with partial funding on the $4 million equity investment soon.
Oasis Resorts International Inc. is a hospitality and gaming company with development-stage and operational properties located in the U.S. and North Africa. The company plans to expand into the Caribbean and to Asia.