Blast from the past to relaunch
Crowdfunding platform Funding Tree is leading a round of fund raising for the relaunch of DevilFish Poker scheduled for March 2015.
DevilFish Poker, fronted by colourful UK professional poker player Dave 'DevilFish' Ulliott, was a powerhouse in its heyday reporting revenues of GBP 783 355 and gross profit of GBP 525 115 in 2010.
The company was sold to The Weather Lottery in December 2010 for GBP 40,000 in cash and GBP 290,000 in shares but sadly remained dormant post-sale.
It was later sold to Jeff Williams, managing director of the Group's Online Gambling subsidiaries at the time, and an experienced seed investor, for a nominal GBP 1.
Williams has sunk GBP 100 000 back into the brand and said he aims to reestablish DevilFish Poker as "a leading UK online poker room".
The relaunched poker site, which will once again be backed by Dave 'Devilfish' Ulliott, will reportedly sit on the NYX Poker network (formerly Ongame) and will launch with a historic database of 10 000 registered players.
Williams has signed a joint venture between DevilFish and Grassroots Poker, a public house poker tournament provider in the Greater Manchester area, which he expects will channel players to the online poker site.
Majority shareholder Williams is looking to raise GBP 100 000 in working capital for a 10 percent equity in the firm, effectively valuing DevilFish Poker at GBP 1 million.
The company employs the services of Andrew Power as operations director and Angus McGlynn for SEO and design. Dave Hulme who runs the Grassroots Poker operations will act as consultant.
In closing, Williams said the Devilfish brand has a hidden value which the company believes it can re-energise to become one of the leading brands throughout the gaming industry and as a result deliver exponential capital growth to fellow investors.
Online Casino News Courtesy of Infopowa