UK BINGO SITES CHANGE HANDS FOR GBP 13.5 MILLION

10 August 2007

Cashcade Buys OnlineBingo.co.uk and Think Bingo

UK bingo portal OnlineBingo.co.uk along with free bingo game Bingo4Free has been purchased by Cashcade, the owner of Foxy Bingo. In a separate move, Cashcade has also purchased BVI-based Independent Technology Ventures, owner of ThinkBingo.com, Bingo Scotland and Think Bingo Plus.

OnlineBingo.co.uk, a major UK site for the game owned by Herotech closed the deal with Cashcade this week.

In a separate move, Cashcade also purchased British Virgin Islands-based Independent Technology Ventures - owners of Think Bingo, Bingo Scotland and Think Bingo Plus.

Together Cashcade spend GBP 13.5 million on the online bingo companies.

Commenting on Cashcade's acquisitions, Patrick Southon, Managing Director of Cashcade, said: "These acquisitions are an important step forward in our continued growth. Think Bingo was the UK's first standalone bingo site and today it remains one of the most established. Together with Foxy Bingo and the OnlineBingo.co.uk portal, we can now offer our customers a wider product selection and position ourselves at the forefront of the emerging online bingo industry."

Ben Starr, Marketing Manager of the uk bingo portal, said: "Our online bingo portal aims to give its user maximum choice and together with Cashcade we hope to further this goal and cement our position as one of the leading online bingo gateways in the UK."

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