Online gaming provider Software Gaming Corp. has entered into a letter of intent to acquire Champions' Albert's Parlour Off Track Betting, an OTB facility located in Toronto.
Albert's Parlour is a fully licensed teletheatre that allows sports enthusiasts access to off track betting via television screens. Sports bettors pay an admission charge to use the teletheaters, so that they can wager in a convenient and exciting place. Consideration for the acquisition will be $883,000, which will be satisfied by the issuance of both cash ($275,000) and shares (7,600,000). The cash portion of the transaction will be raised through an arms length private placement at $.0.08/share, resulting in an issuance of 3,437,500 shares to the arms length private placees. The gross handle for the facility was in excess of $13 million last year.
Software Gaming Corp. is a software developer of electronic commerce solutions on the Internet for non-gaming specific applications. It also currently operates an online casino, located at www.cyberspades.com, and has also developed an online bingo game (www.bingotown.com/bingo) which can be customizable for licensees and charitable organizations.