LONDON (AFX) - Aspinalls Online PLC said its wholly owned subsidiary, Aspinalls Online Ltd, has today signed a Memorandum of Understanding ("MOU") with Golden Palace Ltd under which it plans to outsource the management of the company's online casino operations, in exchange for a revenue share agreement in respect of all players accessing the Aspinalls.com casino website.
Aspinalls said it has incurred substantial losses in establishing
and operating its own on-line gaming business. It is with a view to securing
future value in its investment in on-line gaming that the directors have
entered into the MOU.
The outsourcing arrangement follows the announcement by the
company on Jan 25 that the board was conducting a review of the group's
financing and strategic options.
The formal agreements, which are expected to be signed on Friday,
are expected to run for an initial period of 30 months and will grant Pengeluaran SGP Golden Palace
the exclusive right, under license, to promote the Aspinalls name within the
online gaming environment.
Golden Palace is licensed in Antigua and the Mohawk Territory of
Kahnawake in Canada.
Aspinalls said the agreement with Golden Palace will enable the
company to eliminate the operating overheads previously borne by its
subsidiaries and thereby provide a future income stream for the company without
risk to its own cash flow.
On completion of the formal agreements and full transfer of the
operation of the websites to Golden Palace, the company will wind down its
existing on-line business. This action will reduce the cash available to the
company to approximately 600,000 stg, but the anticipated release by the
company's operating subsidiaries of gaming deposits and reserves should
increase available cash to approximately 1 mln stg over the next few months, it
said.
The company said its results for the year ended Dec 31 2001 will
include a full statement of the anticipated closure and redundancy costs
associated with this transaction. The company's results will also reflect a
full write down of its investment in Gaming Ventures International Ltd, which
the directors believe to have negligible value.
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