Published:
MGN Technologies Signs Letter of Intent With AskMeNow for Rights to Acquire Pari-Mutuel Wagering Services Company
MGN Technologies Signs Letter of Intent With AskMeNow for Rights to Acquire Pari-Mutuel Wagering Services Company
MGN Technologies Inc. (OTC BB: MGNLF) doing
business as Mobile Gaming Now (the "Company") has signed a letter of intent
with InfoByPhone, Inc. d/b/a AskMeNow, a wholly owned subsidiary of Ocean
West Holding Corp. (OTC BB: OWHC) to acquire all rights and obligations to
purchase Karrell Pty Limited.
Karrell is the holding company for a fully licensed Australian wagering
services company, Capital Play Pty Limited, which provides access to North
American
pari-mutuel horse racing pools for its customers. In March of 2006
AskMeNow had entered into a definitive agreement to purchase Karrell.
AskMeNow and Karrell have agreed, in principle, to assign the rights to
purchase Karrell to Mobile Gaming Now. The letter of intent provides for
the Company to issue to OWHC two million (2,000,000) shares of its common
stock upon the completion of the acquisition of Karrell.
Karrell has advised the Company that it generated more than $110 million in
horse racing wagers in 2005 and its revenues generated from the wagering
are $35 million. According to Karrell, the worldwide racing market
generated $107 billion in legal pari-mutuel wagers in 2003.
In the United States, online racing services are legal if approved in the
state where the horse track operates. Wagering on horseracing is permitted
in 43 states and there is an active horse breeding and training business in
all 50 states. The pari-mutuel industry derives about 85% of its revenue
from interstate simulcasts -- the transmission of signals across state
lines and to other countries according to the National Thoroughbred Racing
Association.
Mobile Gaming Now intends to add mobile wagering to Karrell's service
offering. The acquisition will enable mobile users to place real-time
wagers via their mobile phones through the Mobile Gaming Now service
anywhere it is legally permissible.
"We're very impressed with AskMeNow as a mobile company and our
relationship with them continues to grow," said CEO Mark Jensen. "Our core
gaming competency is a better fit with the needs of Karrell and we're very
pleased to have the opportunity to acquire Karrell. Our companies are both
technology companies in the gaming space."
Darryl Cohen, AskMeNow's CEO said that, as previously announced, he
welcomed the opportunity to license from the Company and jointly pursue
Mobile Internet gaming applications. He continued, "Our relationship with
the Company is strengthened by today's announcement which we believe is in
both of our shareholders' best interests."
The companies are working towards executing definitive agreements on or
before June 15, 2006.
About Mobile Gaming Now
Mobile Gaming Now is a gaming software developer and marketer focused on
the casino gaming market. With offices in Kirkland, Washington and
Vancouver, British Columbia. The Company operates its own gaming sites, as
well as licenses its gaming platform to strategic partners. Players can
play for free, play for prizes or play for money. The company developed the
first multi player Texas Hold'em game for free or money with integrated PC
and mobile play. Please click onto www.mobilegamingnow.com for more
information.
About AskMeNow
AskMeNow, a wholly owned subsidiary of Ocean West Holding Corporation, is
the easiest, most convenient way to access information on the Internet or
from local content from your cell phone or mobile PDA device. The first
mobile lifestyle network, AskMeNow utilizes its proprietary technology to
offer a natural language based interaction and dynamic content provision
platform designed for simple and quick information retrieval. Through
relationships such as the one announced with Rogers Wireless, Canada's
leading wireless carrier, the company generates revenues through per usage
fees and one to one contextual mobile advertising sponsorships. AskMeNow
launched officially in November 2005. The Company is based in Irvine,
California. Please click on www.askmenow.com for more information.
About Karrell
Karrell is the holding company for Capital Play Pty Limited, a licensed
Australian wagering services company, which accesses North American
pari-mutuel horse racing pools on behalf of its customers. Capital Play
delivers new and exciting products specifically designed for professional
and consumer wagering enthusiasts.
The Company has built much of its success on the Global Betting Gateway
(GBG),
a highly scalable interface into some of the world's largest pari-mutual
wagering pools. This system has been recently upgraded to expand its
capacity for multi-currency and multi-market wagering.
Forward-Looking Statements
This press release contains certain statements which are not historical or
current fact and constitute forward-looking statements within the meaning
of such term in Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that could
cause the actual financial or operating results of the Company or AskMeNow
to be materially different from the historical results or from any future
results expressed or implied by such forward-looking statements. These
statements include Karrell having $110 million in wagering and $35 million
in revenues and all statements in the fifth paragraph. Such
forward-looking statements are based on our best estimates of future
results, performance or achievements, based on current conditions and the
most recent results of the Company, AskMeNow and Karrell. In addition to
statements which explicitly describe such risks and uncertainties, readers
are urged to consider statements labeled with the terms may, will,
potential, opportunity, belies, belier, expects, intends, estimates,
anticipates or plans to be uncertain and forward looking.
The forward-looking statements contained herein are also subject generally
to other risks and uncertainties that are described from time to time in
the Company's and Ocean West Holding Corporation's reports and registration
statements filed with the Securities and Exchange Commission.
Newswire by Market Wire
Distributed by Filing Services Canada and retransmitted by Market Wire
Copyright © 2008, MarketWire
Copyright © 2008, NewsBlaze,
Daily NewsTags: Tags: washington, , california, Financial Services, texas, Wi-Fi, wireless technology
_ _
Search News
Daily News
