|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.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Feb. 21, 2017 07:45 AM EST Reads: 246
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Feb. 21, 2017 07:45 AM EST
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
Feb. 21, 2017 07:30 AM EST Reads: 4,124
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 21, 2017 07:15 AM EST
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee A...
Feb. 21, 2017 07:00 AM EST Reads: 5,222
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 21, 2017 04:30 AM EST Reads: 1,421
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Feb. 21, 2017 03:45 AM EST Reads: 870
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Feb. 21, 2017 03:30 AM EST Reads: 3,588
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
Feb. 21, 2017 03:30 AM EST Reads: 7,562
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 21, 2017 03:00 AM EST Reads: 1,607
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
Feb. 21, 2017 02:45 AM EST Reads: 1,358
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
Feb. 21, 2017 02:00 AM EST Reads: 4,577
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
Feb. 21, 2017 01:15 AM EST Reads: 3,282
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Feb. 21, 2017 01:00 AM EST Reads: 6,280
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Feb. 21, 2017 12:30 AM EST Reads: 727