Agreement to Acquire an Interest in Second Online Casino
Nov 30, -0001
ASX AND PRESS RELEASE
23 March 2004
AGREEMENT TO ACQUIRE AN INTEREST IN SECOND ONLINE CASINO
Global Approach Limited (ASX:GLO) today announced that it has entered into a letter of understanding to acquire a 23% interest in a second online casino called “The UK Casino Club”. This casino was established in January 2000 and has accumulated a large number of UK and European players. GLO’s current casino operations, namely Music Hall Casino has a predominantly US based client list and this acquisition shall implement GLO’s strategy of accumulating a balanced number of US and UK/EU players in its casinos.
“The UK Casino Club is an exciting opportunity to accelerate the growth of GLO and accumulate a large number of UK and European players”, said Mr David Barwick, Chairman of GLO. “This new casino will fit very well with Global’s Music Hall Casino because of their complementary markets”.
The terms of GLO’s acquisition of the 23% holding are as follows:
1. Purchase price of AUD$276,000 to be paid by issuing 2.76 million GLO shares (deemed issue price 10c) which values the entire casino at AUD$1.2 million. 2.76 million GLO shares represent approximately 6% of the total shares in GLO.
2. The acquisition is subject to the:
(a) satisfactory completion of due diligence investigations by the GLO board on the UK Casino Club;
(b) preparation of formal and binding documentation to effect the acquisition; and
(c) receipt of all necessary approvals required to effect the acquisition.
The UK Casino Club
The UK Casino Club operates out of 2 main web sites at www.ukcasinoclub.com and www.ukcasinoclub.co.uk. The casino offers players the choice of Pounds, Euro or US dollars through 15 online payment systems including credit cards, Neteller, Firepay, Citadel and PrePaid ATM. The casino uses casino software from Microgaming Systems, a world leader in online gaming software, which is the same software used in the Music Hall casino.
The UK online gaming market is undergoing strong growth and represents an important target market along side the USA. The strengthening British Pound has made the UK market more attractive over recent months.
For further enquiries, please contact:
David Barwick, Executive Chairman
Ph: (07) 3317 2226 Fx: (07) 3317 2243