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Funworld ag and Playsafe Holding AS join forces
Joint press release from funworld ag (Lenzing, Austria) and Playsafe Holding AS (Sandefjord, Norway)
Austria/Norway, Sept. 7th 2009: Funworld ag and Playsafe Holding AS' daughter company, Ecom Enterprise NV, has entered into an extended strategic alliance to launch Internet based poker terminals in the international market. The two companies will officially launch the new product range on their invitational kick-off event 21st and 22nd of October in Munich.
Following several months of development and a successful completion of field testing of the new product, the two companies have reconfirmed their mutual commitment towards this strategic alliance. An extensive product range, from table-top solutions to dedicated terminals, rebuild kits for existing terminals as well as play-for-fun solutions will be offered to funworld's existing customer base as well as new customers.
"Both companies have invested significant time and resources in this project and we are pleased that the results are so promising", says Josef Öhlinger, CEO of funworld ag, who is happy to further extend the co-operation with the owners of the Action Poker Network.
"The timing of this product is right, and the performance during field testing has been exciting, so naturally we are excited about this venture with our excellent partner funworld", says Atle Johansen, CEO of Playsafe Holding AS.
The companies are aiming for sales of 100-150 terminals in the market by year-end and further expansion next year. The two companies will jointly exhibit the products at stand 4122 at the International Casino Exhibition 2010 in London on the 26th-28th of January next year.
Notes to editors:
About funworld ag
Funworld ag is a leading designer and manufacturer of Internet based terminals in Europe. The company has a worldwide distribution network that spans 46 countries and more than 160,000 terminals sold in 20 years. The company is widely known for its PHOTO PLAY brand as well as the touch2win betting terminals.
About Playsafe Holding AS
Playsafe Holding As is an investment company primarily investing in online gaming ventures. Its daughter company Ecom Enterprise NV owns titles such as www.ActionPoker.com, www.TigerGaming.com and the new www.PayNoRake.com.
The company is the first company within its sector to be listed on the Norwegian OTC market.
For more information, please contact:
Josef Öhlinger (CEO of funworld ag), Tel. (+43) (0)7662/6785-0>br>
or
Atle Johansen (CEO of Playsafe Holding AS), Tel. (+47) 9056 8420
Positive trend for core business
Ecom Enterprise N.V., a fully owned subsidiary of Playsafe Holding AS and the operator of Action Poker Network, is pleased to announce a positive turn in income and "netcash" for August, compared to the reported figures prior to our Extraordinary General Meeting (EGM) on July 1st 2009. Projected income for August is on track to be back at levels before the negative development started earlier this year. Provided the positive trend continues we are projecting to be back at break-even on the operating business in August/September.
The most important activity contributing to the positive development is a strong focus on new campaigns and products for our playing customers. The number of active players has been increasing at the same time as our gross margin is improving. Furthermore we see positive effects from our cost-cutting activities.
As announced at our EGM on July 1st we are investing important resources in the development of dedicated internet based poker terminals to supplement our existing product range. The terminals have been under development for approximately 18 months and the first 10 were released for beta testing before the summer. The results so far are promising and we expect to sign an agreement for placement of the first 100 terminals shortly. Based on our beta testing results we expect to see significant income from Q4 onwards from terminals.
Our 2008 accounts are not yet audited, partly due to late completion of audits in daughter companies and holiday-season at our Norwegian auditing company. We aim to call the ordinary General Meeting within the next three weeks. In conjunction with audited numbers for 2008 we will also present results from first 6 months 2009 as well as further information on the entire business.
Sandefjord, Norway, August 26th, 2009
The Board of Directors in Playsafe Holding AS.
Notes to editors:
Playsafe Holding AS is a holding company specializing in investments in the online gaming industry. The company is the first company within its sector to be listed on the Norwegian OTC market (April 2006). Ecom Enterprise NV is a subsidiary of Playsafe Holding AS. Action Poker Network is an Ecom Enterprise NV product.
The company was formed based on the acquisition of internationally established gaming operations including www.actionpoker.com, www.tigergaming.com, and www.pokerincanada.com. The company has further strengthened its brand attributes and added new high profile brands like www.paynorake.com. The company has a strong senior management team with extensive industry experience, a substantial customer database and it will continue to grow through consolidation, player cross-over and further strategic acquisitions.
For more information, please contact:
John Afseth (COB) Tel: (+47) 92 20 18 50; or
Atle Johansen (CFO) Tel. (+47) 90 56 84 20
This press release is published electronically on the website of Norges Fondsmeglerforbund.
