|Las Vegas From Home.com Entertainment Inc (LVFH), the Canadian eGaming software developer, has confirmed that it has sold its Action Poker Network (APN) to a company in Norway.|
Playsafe Holdings Ltd, a wholly-owned subsidiary of the publicly listed Norwegian company Playsafe Holding AS, has bought the network for $2.35 million with the transaction expected to be completed on or before November 17, 2006.
LVFH said in a press release that it had accelerated the sale of its APN due to the enactment of the Unlawful Internet Gambling Enforcement Act in America, although it had previously planned to sell its APN so it could focus on the development of its Asian Multiplayer Software Platform (AMSP).
Company President and CEO, Jake Kalpakian explained, 'We are all disheartened with the recent legislative developments in the US, but the reality is that we were already looking at other business opportunities in different marketplaces. In this regard, we have been building our unique AMSP for the past 12 months and as a result, are well positioned to license our software in the Asian region.”
The sale, which removes LVFH from the US market, will include all of the Action Poker brands, the operating infrastructure in Action Poker Gaming Inc, and an undivided interest in the software used by the LVFH to run the APN.