HCI, the investment company for the Mine Workers Union and South African Clothing Workers Union, has exercised it's option to purchase 1.1 million shares of Atlantic International Entertainment (AIE) from retiring non-executive Chairman Norman Hoskin for $2,223,870. With the purchase HCI share holdings increases to 2,361,935 shares, approximately 19 percent of total shares outstanding.
"I appreciate the continuing and increase level of support from such a strategically important financially savvy institutional investor," AIE President and CEO Richard A. Iamunno said. "HCI will continue to be a highly valued investor, bringing AIE both unique business insights and relationships that will support the company's global expansion efforts."
"We anticipate HCI to play an important role in helping AIE penetrate the potentially very large South African online gaming market as well as other online gaming markets worldwide," he continued.
"AIE is establishing itself into what we think will be a major supplier of worldwide online gaming products," said HCI Chairman and Atlantic Board Member Marcel Golding. "It is our view that AIE's strategy compliments HCI's objectives of strengthening its position in various global markets. With the purchase of these shares, our investment in AIE now totals over $6,350,000."
Atlantic International Entertainment, Ltd. develops and markets Internet and private network transaction based products including, global turn-key Internet Casino Extension, for licensed casinos; webSports, an Internet sports wagering system; lottery systems for private, government and fund raising purposes; and bingo for charity and private organization use. The company also provides portable and wireless gaming devices for increased play areas on gaming floors through it's Las Vegas based operations Excel Designs, Inc.