On Monday, GameCorp Ltd. announced that they intend to reduce significantly the Company’s ownership position in InterAmerican Gaming Inc. (IAGM). At present, GameCorp Ltd. holds 30,662,600 common shares of IAGM representing an approximate 45 percent interest.
In addition, IAGM owes GameCorp and their subsidiaries approximately $850,000. This debt will undergo restructuring once the new shareholders of IAGM determine how they will proceed in restructuring the company. The shares and the debt are currently valued on GameCorp Ltd.’s balance sheet at zero.
The transaction will occur privately and the shares will sell to a group of investors led by Mr. Marc Askenasi, a consultant to GameCorp Ltd. At this time, the terms of the transaction are still being negotiated.
InterAmerican Gaming Inc. is a legacy investment of GameCorp Ltd. To create value, the Company believes it is in their best interest to reduce their ownership and position a new group of investors to build and drive the IAGM business forward. GameCorp Ltd.’s intention is to maintain an ownership position.
Headquartered in King City, Ontario, GameCorp Ltd. is a public company that trades under the symbol GGG on the Canadian National Stock Exchange and under the symbol GAIMF on the Over the Counter Pink sheets. GameCorp Ltd., in general, participates in the early-stage development of gaming projects.
The Company has a specific focus on mobile technology and a proprietary platform for the enablement of mobile lottery, gaming and sweepstakes services. Their new management team has used GameCorp Ltd.’s investment in the mobile gaming industry to evolve from a merchant banking enterprise focusing on gaming opportunities into a leading integrated mobile and online technology solutions provider. The Company acquired the worldwide exclusive license for the Function Mobile SMS Lottery and Sweepstakes software and communications platform.
For more information visit: www.gamecorp.com