|World Gaming plc a global pioneer in I-gaming technologies, has secured a US$1.5 million dollar short-term loan to address the immediate working capital needs of the company. The funds will allow World Gaming to meet its financial obligations through to what the company anticipates will be record sportsbook turnover this fall. |
'In addition to satisfying our immediate cash needs, we have taken, and will continue to take, important steps toward reducing our overhead costs,' said David Craven, Chief Executive Officer. 'However, we will not touch and are in fact enhancing those resources necessary to meet the needs of our customers during their busiest season. We anticipate record sportsbook transaction volumes this fall which in turn can be expected to translate into record returns for our company.'
The company has successfully launched Hot Gold Casino (www.hotgoldcasino.com), the first World Gaming site for the company's newest licensee Nova Internet N. V. Nova Internet is an established online gaming company with a strong European market focus.
'Nova Internet's decision to move onto the World Gaming platform is very encouraging, given the company's exposure to competitive products and services over several years,' said Craven. 'I am pleased to say that we have earned their respect early on and are now looking to expand our relationship with them.'
The company expects to make a further announcement concerning new business this month.
World Gaming (OTCBB:WGMGY), will host a conference call with the company's newly appointed CEO, David Craven, the week of August 12. Details concerning the call will be announced next week.