|Online gaming technology provider, FUN Technologies, has announced its results for the first quarter ending March 31, 2005.|
Q1 has seen the provider of skill gaming, exchange-betting technology and online sports information bring in consolidated revenues of £1.5 million, up 176% from fourth quarter, 2004. Revenues from FUN Technology’s subsidiary, SkillJam, are also up 35% from fourth quarter, 2004.
SkillJam’s success comes after deals with numerous new licensees, including The Network for Games and Inspired Broadcast Networks, and the success of its partnership with AOL, all resulting in a growth in its customer database to 7.5 million.
This quarter also saw FUN Technology complete acquisition of Las Vegas based sports information provider, Don Best, signifying a new revenue stream for the Company, representing 51% of revenue in the quarter.
“The first quarter of 2005 was full of significant accomplishments for FUN”, said Lorne Abony, Chief Executive Officer of FUN. “We have continued to grow our businesses, and expanded on the exceptional corporate momentum built during 2004.”
On February 4, 2005, the Company closed the placing of 4,800,000 new Ordinary Shares at 178 pence (C$4.02) per share, raising net proceeds of approximately £8 million. The proceeds of the placing will be used to further develop and grow the Company's skill-gaming business, continue business development, and for general corporate purposes.
“FUN Technologies is in a market-leading position in a number of key, rapidly growing sub-sectors of online gaming,” added Abony, “As we build the distribution of these products through alternative channels, the competitive advantages embedded in these operating businesses become ever stronger. These ongoing developments – combined with our strong balance sheet, high-quality staff and dedicated management team – make me extremely optimistic about the remainder of what promises to be an exciting, opportunity-filled 2005.”