Agreement with Interactive Systems Worldwide Inc worth $1.1 million
Kenilworth Systems, a low value stock, technology company that industry veterans will recall has been dabbling with online and live dealer gambling projects for years without achieving too much success (see previous InfoPowa reports) has announced the sale of its patents-holding company to Interactive Systems Worldwide, Inc.
Dan W. Snyder III, president and CEO of Kenilworth said that his company has signed a Memorandum of Understanding with ISWI agreeing the transfer Kenilworth's patent holding subsidiary to ISWI in exchange for $1.1 million in ISWI shares and warrants.
"This action will effectively merge the gaming opportunities of both companies; and increase shareholder value of both companies. The ISWI securities are scheduled to be distributed to the KENS shareholders of record on December 31, 2014, which will provide excellent cross-company opportunity for shareholders," he said.
Steve Johns, president of San Diego-based ISWI, commented: "ISWI has a track record of developing and implementing gaming software. ISWI and subsidiaries wrote the software that has been used by major sports book operators in the EU and Las Vegas since 1999, and is fully prepared to integrate the KENS intellectual property and expertise at this important time in international online gaming."
Kenilworth patents have been kept fully compliant in the USA, Canada, European Union, Japan, and China.
Snyder claims that important progress has been made in designing technology to develop the intellectual property afforded by the patents.
Founded in 1968 and based in Mineola and Uniondale, New York, Kenilworth Systems Corporation has been involved in developing online wagering technology and live dealer products over the internet for casino clients.
The company has also developed terminals that would permit individuals to play games through television simulcast of digital satellite and digital cable broadcast at homes, offices, and public gathering places, as well as television sets.
Online Casino News Courtesy of Infopowa