|By Business Wire||
|July 29, 2014 06:32 AM EDT||
Las Vegas From Home.com Entertainment Inc. (the “Company” or “LVFH”) (TSX-V: LVH) (US OTC Pink Sheets: LVFHF) (Berlin: LVH) (Frankfurt: LVH). LVFH is pleased to announce that it has entered into and has executed a letter of Intent (“LOI”) with the Mexican entity of the Codere Group (“Codere”) and its Mexican partner the Salinas TV Azteca Group (“Azteca”) in respect to a partnership for online gaming in Mexico.
Codere is a leading Spanish Multinational Gaming Company and a key player in the gaming sector in Europe and Latin America with operations in gaming halls, gaming machines, racetracks, and sports betting. Since its founding over thirty three years ago, Codere holds a position of leadership in the core business lines and geographic areas where it operates, being the biggest bingo hall operator including casinos in Mexico, the biggest gaming sector operator in the Province of Buenos Aires, Argentina, and the top gaming operator in other growth markets such as Italy, Panama, Columbia, Brazil and Uruguay. The securities of Codere are listed for trading on the Madrid Stock Exchange under the trading symbol “CDR”. For further information about Codere, please visit www.Codere.com.
Azteca, previously known as TV Azteca, is a Mexican multimedia conglomerate owned by Grupo Salinas. It is the second largest mass media company in Mexico. The Grupo Salinas owns businesses that participate in the television and the telecommunication sectors, banking, and retail markets amongst others. It has over 5,500 employees and has a strong presence in Latin America and the U.S.A. For further information about Azteca please visit www.Azteca.com.
Pursuant to the LOI, a new company shall be incorporated in Mexico (“NEWCO”). The shareholders of NEWCO shall be Codere as to 51% and LVFH as to 49%. NEWCO shall participate in 51.03% of the profits and losses of a Mexican partnership which was established by means of an association agreement entered into on September 28, 2012 between Codere and Azteca (the “Mexican Partnership”). Effectively, LVFH’s ownership and share of profits from the Mexican Partnership shall be 25%. In addition to receiving its share of profits, LVFH shall also license its gaming platform to the Mexican Partnership and will receive ongoing software licensing royalties for its use thereof.
The Mexican Partnership has a federal gambling license and is one of the few legal online gaming portals in Mexico. The Mexican Partnership shall solely and exclusively use LVFH’s Gaming Platform for its online gaming website www.greenplay.mx and also for its sister gaming websites. It is anticipated that www.greenplay.mx shall commence operations by August 20, 2014. All decisions of NEWCO and the Mexican Partnership shall be made jointly by the partners. LVFH shall also have the right of first refusal to participate in any business opportunities that may arise in any new territories in the Americas in which the Mexican Partnership decides to get involved in. LVFH shall contribute for its share the amount of US $4,000,000 in NEWCO for the development and marketing of the Mexican Partnership’s online gaming business.
The Mexican Partnership will benefit from LVFH's latest HTML5-based games and its Gaming Platform, which provide customers the ability to play games across all major platforms and devices, including PC, Mac, iOS and Android devices. Customers will enjoy selecting from a wide array of gaming content, including bingo, sportsbook, poker, and a comprehensive suite of high-quality casino games such as slots, blackjack and roulette. Most importantly, the LVFH Gaming Platform is localized for the Mexican marketplace, allowing customers to play with Mexican Pesos and use local payment options.
LVFH’s President and CEO Mr. Jake H. Kalpakian states: “We are thrilled at this development, as LVFH shall now be associated with a leading Multinational Gaming Company such as Codere and with a multimedia conglomerate such as Azteca. LVFH shall benefit significantly from this enviable position of participating legally in the huge Mexican iGaming Market and with the opportunity of being able to get involved in other countries in the Americas where online gaming is legal.” Mr. Kalpakian continues, stating: “This partnership with the Salinas Group in Mexico shall allow the Mexican Partnership to promote and market its operations in Mexico via television and the use of the Salinas Group’s diversified companies and networks. It is anticipated that the revenues that shall be generated from this partnership shall enable LVFH to become profitable.”
In order to make its contribution in NEWCO, LVFH plans to utilize funds on hand, funds from the exercise of outstanding warrants, and from the proceeds of a non-brokered private placement financing of 5 million LVFH units at a price of 10 cents per LVFH unit, each unit consisting of one LVFH share and one LVFH share purchase warrant exercisable at 10 cents per share for a period of five years (the “Private Placement”). The Private Placement shall be subject to the approval of the TSX Venture Exchange.
The parties to the LOI have agreed to enter into Definitive Agreements on or before September 15, 2014. The Definitive Agreements shall include, but shall not be limited to, anti-dilution provisions and other provisions which are customarily used in transactions of this nature. The Definitive Agreements shall be subject to the approvals of the TSX Venture Exchange, the Codere Group and Azteca.
Since 1999, LVFH has been a reputable provider of innovative gaming software spanning Poker, Casino, and other popular multiplayer games. The Company’s successful and lengthy track record in gaming software development, financial accountability and cardroom operations has made LVFH one of the leading software developers in the industry.
For more information on the Company:
Jake H. Kalpakian,
President & CEO, LVFH
(604) 681-0204 ext. 6105
Transcend Resource Group
Office: (604) 681-0037
Mobile: (604) 805-2126
Statements in this news release which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties such as the risk that the closing of the proposed transaction may not occur for any reason. The reader is cautioned not to place undue reliance on forward-looking statements.
Trading in the securities of the Company should be considered speculative.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Oct. 1, 2016 03:00 AM EDT Reads: 1,962
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Oct. 1, 2016 03:00 AM EDT Reads: 2,428
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Oct. 1, 2016 02:30 AM EDT Reads: 2,714
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Oct. 1, 2016 02:30 AM EDT Reads: 645
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Oct. 1, 2016 02:30 AM EDT Reads: 519
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
Oct. 1, 2016 02:30 AM EDT Reads: 3,023
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Oct. 1, 2016 02:15 AM EDT Reads: 515
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Oct. 1, 2016 02:15 AM EDT Reads: 757
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Oct. 1, 2016 02:15 AM EDT Reads: 5,454
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Oct. 1, 2016 02:15 AM EDT Reads: 2,122
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Oct. 1, 2016 01:45 AM EDT Reads: 509
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Oct. 1, 2016 01:15 AM EDT Reads: 720
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Oct. 1, 2016 01:15 AM EDT Reads: 3,044
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software sec...
Oct. 1, 2016 12:15 AM EDT Reads: 1,428
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Sep. 30, 2016 11:30 PM EDT Reads: 773