Online Gaming Systems, Ltd. announced today that its has purchased a 23.5 percent interest in South African-based Global Payment Technology Holdings (Proprietary) Limited (GPT Limited), a joint venture affiliate of Global Payment Technology, Inc. Initially, GPT Limited plans to enter the Interactive gaming market in South Africa as a distributor of Online Gaming System's product line.
Online Gaming President & CEO Richard A. Iamunno called the deal "a platform for Online (Gaming Systems) to become a dominant supplier of Internet gaming software to the exciting South African market."
"Among the numerous opportunities, we are particularly excited about the prospects of marrying major media, a strength of our largest shareholder HCI, with sports wagering on the Internet," Iammunno said.
Iammuno also pointed out that GPT Limited has the ability to market and distribute Pegasus, his company's portable gaming product.
GPT Chairman and CEO Steve Katz added, "We believe the opportunities to penetrate the Internet gaming and wagering market and further grow GPT Limited are significantly improved with Online as a Partner. Over the past two years, GPT Limited has gained a prominent position in the traditional gaming market in South Africa. The company can now enter the nascent Internet gaming and wagering market as a distributor of Online's product line, and through new opportunities that it is actively pursuing."
Online Gaming Systems, Ltd. (www.ogsltd.com) licenses Internet and private network transaction based products, including Internet Casino ExtensionTM (ICETM), webSportsTM and Bingo BlastTM. The company also offers wireless and portable gaming devices through its Las Vegas-based Excel Design, Inc., a wholly owned subsidiary.
Global Payment Technologies, Inc. is a U.S.-based designer, manufacturer, and marketer of automated currency acceptance and validation systems used to receive and authenticate currencies from around the world. GPT (www.gpt.com) was named 29th on Forbes' 1999 "200 Best Small Companies" list, which appears in the November 1, 1999 issue of Forbes magazine. The company advanced from 52nd on last year's list.