SHENZHEN, China, May 26, 2017 /PRNewswire/ -- 500.com Limited
(NYSE: WBAI) ("500.com" or the "Company"), a leading online sports
lottery service provider in China,
today announced that it has entered into a share purchase agreement
(the "Share Purchase Agreement"), pursuant to which it has
conditionally agreed to purchase approximately 93.0% of the
outstanding shares of The Multi Group Ltd. ("Multi Group") for a
total consideration of approximately EUR49.8 million (approximately US$56.0 million) in cash. Closing of the
acquisition is subject to approval by relevant regulatory
authorities and customary conditions set out in the Share Purchase
Agreement.
Headquartered in Malta, Multi
Group operates Multilotto.com ("Multilotto") which is considered
one of the top online lottery betting and online casino platforms
in the Nordic countries where it holds substantial market share.
Operating under a Curacao eGaming
license, Multilotto has a strong and balanced customer portfolio
that has created a solid foundation for its expansion across
Europe. Multi Group was recently
granted remote gambling licenses from Malta, remote operating licenses from the UK
and a remote bookmaker's license from Ireland, which will further strengthen its
market position and ability to rapidly expand into new geographic
regions. Multilotto does not accept bets from U.S. and PRC
residents, including Hong Kong and
Macau residents.
Multilotto offers players the ability to bet on the outcomes of
eleven of the world's largest lotteries through its proprietary and
scalable platform. Leveraging its easily adaptable state-of-the-art
technology and proprietary financial hedging solution, Mulilotto is
able to tightly control risk, handle significant betting volumes
and offer a broad portfolio of products. This allows it to easily
customize its platform and products to new markets and
jurisdictions.
Multi Group has grown rapidly since it began operating in 2015.
In 2015 and 2016, Multi Group generated unaudited net revenues of
EUR4.0 million (approximately
US$4.5 million) and EUR10.0 million (approximately US$11.2 million), respectively; unaudited net
profits of EUR1.2 million
(approximately US$1.4 million) and
EUR5.4 million (approximately
US$6.1 million), respectively; and
EBITDA of EUR1.2 million
(approximately US$1.4 million), and
EUR5.7 million (approximately US$6.4 million), respectively. Multi Group's
financial performance is not indicative of its future financial
performance.
About 500.com Limited
500.com Limited (NYSE: WBAI) is a leading online sports lottery
service provider in China. The
Company offers a comprehensive and integrated suite of online
lottery services, information, user tools and virtual community
venues to its users. 500.com was among the first companies to
provide online lottery services in China, and is one of two entities that have
been approved by the Ministry of Finance to provide online lottery
sales services on behalf of the China Sports Lottery Administration
Center, which is the government authority that is in charge of the
issuance and sale of sports lottery products in China.
Safe Harbor Statements
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "target,"
"going forward," "outlook" and similar statements. Such statements
are based upon management's current expectations and current market
and operating conditions, and relate to events that involve known
or unknown risks, uncertainties and other factors, all of which are
difficult to predict and many of which are beyond the Company's
control, which may cause the Company's actual results, performance
or achievements to differ materially from those in the
forward-looking statements. Further information regarding these and
other risks, uncertainties or factors is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company does not undertake any obligation to update any
forward-looking statement as a result of new information, future
events or otherwise, except as required under law.
For more information, please contact:
500.com Limited
IR@500wan.com
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: carnell@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com
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SOURCE 500.com Limited