Scandinavian merge

[jetset]

CORPORATE MOVES IN SCANDINAVIA

Epicure Ventures and 24hPoker Holdings AB merge

Two of the more prominent brand names in Scandinavian poker have agreed to merge into one major online gambling industry entity this week. Epicure Ventures Ltd and 24hPoker Holding AB have signed a letter of intent to merge the two companies’ poker operating brands into one new company, which will be responsible for the operation and marketing of the 24hPoker.com, Martinspoker.com and Staffpoker.com brands.

The new company will be a totally independent organisation, with neither of the ownership groups playing an operational role in the new group, which will licence in Malta in common with the founding groups. Because Malta is part of the European Union, winnings from the new company will be tax-free for customers residing within the EU.

The new company will continue to operate each brand, but the merger will create a more flexible, efficient and synergistic company.

Claus K. Nielsen, CEO of Martinspoker.com said: "The plans presently are to remain with the current 24hNetwork. We have seen major changes in the attitude of 24hNetwork over the past 3-5 months. Several other major networks have courted us in regard to a potential move from 24hNetwork.

"It was important for us that we would have optimal conditions to grow. We feel that the vision of 24hNetwork to focus on the online gaming solution supplier market along with plans of international expansion is something that we are certain will benefit our company’s future.”

Some of the biggest Scandinavian 24hPoker operators such as: Dane, Martinspoker and StaffPoker will be part of the new company, combining collective marketing resources in a bid to grow market share as a group.

24hPoker CEO Per Åström says the split will enable 24hPoker Holding AB to concentrate on its role as a supplier of gambling solutions for the online market, and combine the participating companies to better perform in an increasingly competitive European market