Gaming Developer's Shares Double
By maddy
Gaming software developer IQ-Ludorum has announced a major deal with one of the biggest offshore bookmakers, infusing optimism into its stock price with shares doubling in value. According to the two-year deal IQ-Ludorum will supply this unnamed offshore bookmaker with an Internet-based sportsbook to handle 'huge' volumes of bets, online casinos featuring poker, blackjack and slots, besides call-centre services.

The company will roll out its full suite of products for the licensed company to allow users to bet on a number of events and games from a single account. The news comes at a good time, when at the end of 2002, the company retained about $826,000 in cash but reported an annual loss of $5.38m.

2003 was the year of damage control with IQ Ludorum closing down overseas offices and offloading its UK consulting division. Net assets fell to $226,000 at the year-end, from $5.2m in 2001, though cash reserves diminished by just $390,000 in the same period.

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