Welcome!

News Feed Item

LVFH Executes LOI with Codere Group and Salinas TV Azteca Group

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.

About LVFH

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
[email protected]

Investor Relations:

Dave Burwell / Ariel Cobangbang,
The Howard Group
1-888-221-0915
[email protected]
[email protected]

or

Robbie Orr
Transcend Resource Group
[email protected]
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.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
SYS-CON Events announced today that Ocean9will 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. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle.
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, 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. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
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...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of 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, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...