Online Casino Software Provider Closes Doors
By Staff
Fouad Katan and John Corre, CEO and chairman of software provider for online gaming Playwize, regretfully announced that their company will be closing down and selling their assets.

The move seems to be an omen of the firm and its subsidiaries going into administration as spiralling losses and estimated debt of £1,500,000 took its toll.

Mr Corre commented: 'Due to very disappointing trading results, and the substantial losses incurred as a result, the Playwize group has ceased all trading operations and made all of its employees redundant.

'In order to raise sufficient funds to pay creditors, the board of directors of the Company has decided to seek shareholder approval for the sale of the proprietary software technology and other assets owned by the Company and its subsidiaries, and contracts have been signed for the sale of these assets subject to the aforementioned approval being granted in a general meeting of the Company.”
 
 
 
 
 
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