Final Results
November 03 2005 - 2:30AM
UK Regulatory
Global Gaming Technologies plc
(GGT or the Company)
Preliminary Results
for the period ended 31 July 2005
London, 3 November 2005 Global Gaming Technologies plc (GGT.L), announces
preliminary results for the period from incorporation on 16 July 2004 to 31 July
2005.
Summary
* GGT is a company created to build a group specialising in enabling
technologies in the online gaming markets.
* GGT was admitted to AIM in November 2004 raising �675,000 before expenses
* On 27 June 2005, GGT acquired Event Data Correlation Limited (EDC) by way
of reverse takeover of GGT in consideration for the issue of 134.1 million new
ordinary shares in GGT:
o EDC has developed a proprietary platform to identify and exploit trading
opportunities in the fast growing and fragmented global online gaming market.
o Founders of EDC join the GGT Board.
o GGTs management team and Board have extensive experience across the
gaming, financial and technology sectors.
* Results of the group for the period ended 31 July 2005:
o Operating income of �19,537
o Operating loss for the period of �358,435
o Cash at period end was �750,578 and shareholders funds were �11,940,977.
Commenting, Ron Trenter, Chairman of GGT, said:
I am encouraged that we are on course to be operationally live during the first
quarter of 2006. We have continued to develop the platform to include new
betting exchanges and bookmakers and this remains the focus in the near-term. We
believe that the global gaming industry continues to provide exciting commercial
opportunities for GGT and we are confident about the potential of the Companys
business and about the potential applications of EDCs platform in other
tradable markets.
Enquiries
Investor relations: Dominic Johnson, GGT tel: +44 (0) 207 404 0777
Press and analyst relations: John Bick tel: +44 (0) 7917 649362
www.ggtplc.com
GLOBAL GAMING TECHNOLOGIES PLC
CHAIRMAN'S STATEMENT
FOR THE PERIOD FROM 16 JULY 2004 TO 31 JULY 2005
Following my appointment as Chairman on June 27 2005, at the successful
completion of Global Gaming Technologies plc's ("GGT") acquisition of Event
Data Correlation Limited ("EDC"), I am pleased to present GGT's first results,
covering the period from incorporation on 16 July 2004 to the Company's period
end of 31 July 2005.
Results
The overview of these results for the period ended 31 July 2005 includes
operating income at �19,537 and operating expenses at �377,972. This produced
an operating loss for the period of �358,435. The group maintained a cash
position of �750,578 and total net assets of �11,940,977 at period end.
GGT was created to build a group specialising in enabling technologies for the
gaming and other applicable markets and GGT was soon successful in identifying
EDC as the Company's first acquisition, by way of a reverse of EDC into GGT.
On 24 June 2005, shareholders approval was obtained at an extraordinary general
meeting of the Company in respect of the acquisition of the entire issued share
capital of EDC for a consideration of 134.1 million new ordinary shares. GGT
also raised net proceeds of �525,000 through the issue of 9.79 million Placing
and Commitment Shares. On 27 June 2005, the new shares in GGT were admitted to
trading on AIM.
EDC provides GGT with an ideal base upon which to build-out the business with a
strong management team and a proprietary commercial platform to identify and
exploit trading opportunities in the fast growing and fragmented global online
gaming market.
EDC's real-time (sub-second) platform monitors event-based data on a continual
basis across multiple betting exchanges and bookmakers and automatically
aggregates, correlates and identifies trading opportunities from the vast
amounts of online sports betting data available in global markets.
The acquisition of EDC provides a strong foundation upon which to build this
business and I am encouraged that we are on course to be operationally live
during the first quarter of 2006.
Whilst the Board's initial focus is the global online sports betting market,
the Company will continue to identify opportunities to enhance shareholder
value. This may include investments and acquisitions which increase the reach
of its proprietary technology within its core markets and exploit the broad
applicability of its platform.
Looking forward
We have continued to develop the EDC platform to include new betting exchanges
and bookmakers and this remains the focus in the near-term. We believe that the
global gaming industry continues to provide exciting commercial opportunities
for GGT and we are confident about the potential of the group's core business
and about the potential applications of EDC's platform in other tradable
markets.
R. Trenter
Chairman
Dated: 3/11/05
GLOBAL GAMING TECHNOLOGIES PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 JULY 2005
Period
ended
31 July
2005
�
Net trading margin -302
Administrative expenses -377,972
Other operating income 19,839
__________
Operating loss
Continuing operations -274,379
Acquisitions -84,056
__________
-358,435
Other income 13,392
__________
Loss on ordinary activities before taxation -345,043
Tax on loss on ordinary activities -
__________
Loss on ordinary activities after taxation -345,043
==========
Loss per share
- Basic and diluted �(0.0084)
==========
There are no recognised gains and losses other than those passing through the
profit and loss account.
GLOBAL GAMING TECHNOLOGIES PLC
BALANCE SHEETS
AS AT 31 JULY 2005
Group Company
2005 2005
� �
Fixed assets
Intangible assets 11,248,205 -
Tangible assets 1,844 -
Investments - 10,989,540
__________ __________
11,250,049 10,989,540
__________ __________
Current assets
Debtors 55,742 1,110,402
Cash at bank and in hand 750,578 -
__________ __________
806,320 1,110,402
Creditors: amounts falling due within one year -115,392 -19,954
__________ __________
Net current assets 690,928 1,090,448
__________ __________
Total assets less current liabilities 11,940,977 12,079,988
========== ==========
Capital and reserves
Called up share capital 465,146 465,146
Share premium account 1,370,990 1,370,990
Merger reserve 10,397,916 10,397,916
Profit and loss account -293,075 -154,064
__________ __________
Shareholders' funds - equity interests 11,940,977 12,079,988
========== ==========
The accounts were approved by the board on 3 November 2005
..............................
P. Pullinger
Director
GLOBAL GAMING TECHNOLOGIES PLC
GROUP CASH FLOW STATEMENT
FOR THE PERIOD ENDED 31 JULY 2005
Period
ended
31 July
2005
�
Net cash outflow from operating activities -534,215
Returns on investments and servicing of finance
Interest received 13,392
__________
Net cash inflow from returns on investments and 13,392
servicing of finance
Acquisitions and disposals
Purchase of subsidiary undertakings -256,207
Cash acquired with subsidiary undertakings 26,889
__________
Net cash outflow on acquisitions and disposals -229,318
__________
Net cash outflow before financing -750,141
Financing
Issue of ordinary share capital 1,675,000
Cost of share issue -174,281
__________
Net cash inflow from financing 1,500,719
__________
Increase in cash 750,578
==========
The financial information given above does not constitute statutory accounts
within the meaning of Section 240(5) of the Companies Act 1985. The figures for
the period from 16 July 2004 to 31 July 2005 have been extracted from the
statutory accounts, which will be delivered to the Registrar of Companies
following the Company's Annual General Meeting. The audit report on these
accounts was unqualified and did not contain a statement under Section 237(2) or
(3) of the Companies Act 1985.
About GGT PLC.
GGT was incorporated on 16 July 2004 and admitted to AIM on 29 November 2004
(GGT.L). GGT was created to build a group specialising in enabling technologies
for the gaming and other applicable markets. Its first acquisition was Event
Data Correlation Limited (EDC) on 27 June 2005.
The GGT Board
Ron Trenter is GGTs non-executive chairman. He was previously chairman and
chief executive officer of Texas Homecare and has held senior positions with a
number of companies including Home Charm Group plc and subsidiaries of Ladbroke
Group plc.
On completion of the reversal of EDC into GGT, the three founders of EDC joined
the board:
Paul Pullinger is GGTs chief executive officer. Paul has over 20 years
experience working in the gaming industry for Bass, Victor Chandler, Granada and
Rank and has been instrumental in growing a number of commercial platforms in
the gaming industry.
Dominic Johnson is a GGT executive director. Dominic was previously with
Autonomy Corporation plc as chief marketing officer and worked at News
Corporation, Channel Four and Granada Television.
Chris Cleverly is a non-executive director of GGT. Chris is a qualified
barrister and founder and CEO of Sweet China plc, an AIM-quoted investment
company.
John Leat is a non-executive director of GGT and currently a director of Corvus
Capital Inc. and Canisp plc, both AIM-quoted companies.
Graham Porter is a non-executive director of GGT with over 20 years experience
in the gaming sector and is currently a director of Corvus Capital Inc. a
company whose shares are traded on AIM.
-ENDS-
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