|The Nevada-based Chimera Technology Corporation, an Internet gaming software provider/licensor and e-commerce services company, has announced today, the signing of a letter of intent between the company and M & M Sports, who operate www.BETMMSports.com.|
The Internet sportsbook operator is located in San Jose, Costa Rica. The acquisition would be for a 10 percent interest in the private company, M & M Sports, which is the operator of the sportsbook.
M & M Sports operates a sportsbook wagering operation and commenced operations in 2000. It now covers most major sporting events. Initially commencing operations with a staff of six, the business now employs 41, after its continued growth.
The company reports that from a business volume of $500,000 in the first year of operation, volumes have seen an exponential increase to just under $80 million last year.
'The opportunity to enter into a strategic partnership with an established Internet sportsbook operation will be of great benefit for Chimera to reduce the time frames expected to bring the company closer to meet its business plan objectives set for 2004,' Ken Chua, President/CEO of Chimera Technology Corp.
'We are extremely excited with the acquisition of M & M Sports because this relationship will bring forward our business plan objectives by 6-8 months and look forward to completing further strategic relationships and acquisitions planned for the near future,' adds Chua.