Toronto-based company announces completion of two gaming company acquisition deals
Empire Global Corp. a Toronto-based company providing regulated online and offline gaming and wagering through licensed subsidies in Italy, has announced the completion of acquisition deals on two key gaming companies for an undisclosed consideration.
The companies, which are not identified in the company statement, are a gaming software development company and licensed betting platform, and a management company which operates a large portfolio of land-based gaming agencies throughout Italy.
"The businesses bring to Empire a full staff of software engineers, marketing and customer care agents as well as a key number of highly experienced gaming specialists. Empire will appoint key executives from the group to our board of directors and executive staff to continue rapid development of our gaming business beginning with the strategy in Italy," the company revealed in its announcement.
Following the acquisitions, Empire is now a fully integrated online and land-based gaming company offering a full suite leisure betting products with a powerful in-house, proprietary software technology, the statement boasts, adding:
"The deals further cement our plan to capitalise on the consolidation of the regulated gaming business in Italy by substantially increasing our land-based distribution ahead of the 2016 government license auction."
Michele Ciavarella, chairman and CEO of Empire Global Corp. said in the statement:
"The land-based portfolio managed by this team represents a major inflection point for Empire and a portal to multiply our land-based distribution vertical by providing turn-key operating locations prior to the completion of the renewal auction. Empire management has fostered this strategy for the past two years and is absolutely delighted to realise a substantial economic benefit to our operations as a result."
Empire share prices are currently in the sub-35c range; earlier this year the company posted a Q1-2016 loss of around $483,000.
The company owns Multigioco Srl and Rifa Srl, and is a fully integrated and Italian-licensed online and land-based gaming operator. It conducts its business primarily through internet-based gambling and sports betting platforms under the registered brand Newgioco, along with land-based neighbourhood betting shops situated throughout Italy.
The online division offers gambling on a full suite of gaming products and services, such as sports betting, online casino, poker, and bingo and interactive games.
Online Casino News Courtesy of Infopowa