Dover, Delaware -- PlayStar Corporation (OTC BB: PSCK) has just announced plans to reorganize into an Antigua international business corporation and the relocation of company operations to Antigua, West Indies.
The move, approved by PlayStar's Board of Directors, will result in PlayStar having no remaining operations in the United States. The company intends for its shares to be listed on the OTC bulletin board under the new symbol: PSCKF. Its subsidiaries in Antigua and the Channel Islands will not be affected.
A registration statement has been filed with the Securities and Exchange Commission (SEC). The reorganization will be finalized shortly after the registration statement becomes effective.
PlayStar's Board of Directors believes that the reorganization will enable the company to create significantly better results for its shareholders.
"The continuance of PlayStar Delaware in Antigua will allow us to organize our international business activities so that we will be able to benefit from more favorable business, tax and financing environments than if the parent were to continue to be a United States corporation," said PlayStar president Julius Patta. "The U. S. system imposes significant unnecessary legal and regulatory restrictions and compliance costs for companies such as PlayStar Delaware that conduct all of their operations outside the United States. These costs will be minimized to the extent that our operations are conducted after the reorganization by PlayStar Antigua or its foreign subsidiaries."
The reorganization will reschedule the date on which PlayStar's Internet casino system will be launched for live play. The system will debut at the online casino site of the Antigua Casino & Sportsbook Limited at www.antigua.org once reorganization is complete. The new opening date is expected to be on or about July 4th, 1998.
PlayStar Corporation of Dover, Delaware (www.playstar.com) is a holding company which, through its subsidiaries, PlayStar Limited of Jersey Channel Islands and Antigua Casino & Sportsbook Limited of Antigua, engages in an online gaming business and the licensing of property to such business.