RNS Number:9245E
Leisure & Gaming plc
21 June 2006


21 June 2006

              Leisure & Gaming plc ("Leisure & Gaming" or the "Company")

                   ACQUISITION OF ASSETS FROM IGW SOFTWARE NV ("IGW")
                                     FOR $4.9 MILLION

Leisure & Gaming, the AIM quoted interactive betting and gaming company, is
pleased to announce that it has agreed, subject to the satisfaction of certain
conditions, including the approval of the shareholders of IGW's parent company,
Global Entertainment Inc., to acquire key technology assets and software from
IGW, a Netherlands Antilles based online betting software business, for $4.9
million.

The assets to be acquired include both the current online software platform in
use at VIP (including all hardware and hosting infrastructure) and the next
generation platform for online gaming that is still under development. It is
also anticipated that IGW's development team will be joining Leisure & Gaming,
where they will work in collaboration with our existing software development
team, who came into Leisure & Gaming when we acquired English Harbour.

By taking ownership of both the software and hosting for its VIP and other
business units, Leisure & Gaming has strengthened its technology base and
expects to realise savings from the in-house development and maintenance of its
gaming platform.  The next generation online gaming platform that is currently
in development will be rolled out across Leisure & Gaming's existing operations.
It is also the Company's intention to install the new software platform into any
future acquisitions, thereby realising operational benefits as acquisitions are
integrated in to Leisure & Gaming's infrastructure base.

The acquisition will be satisfied at completion by $3.85 million in cash, which
is net of $1.05 million in receivables from IGW to Leisure & Gaming's subsidiary
VIP. The acquisition is subject to the approval of the shareholders of  IGW's
parent company, Global Entertainment (NASD OTC: GAMM).  Completion is expected
to occur towards the end of July 2006.

Alistair Assheton, Chief Executive of Leisure & Gaming said:

"The acquisition of IGW brings the ownership of sports betting software into
Leisure & Gaming to complement the casino software acquired when English Harbour
came into the group. By taking ownership and control of our existing software
systems, as well as ensuring the completion and integration of the next
generation platform which is currently being developed, Leisure & Gaming has
completed a key strategic objective of owning our core technology software and
infrastructure. We look forward to leveraging these assets across the group to
improve our customer experience as we scale our business through both organic
and acquisitive growth."

Ends

For further information:

Alistair Assheton, Chief Executive                    Tel: 020 7248 6343
Josh Joshi, Chief Financial Officer
Leisure & Gaming plc

Jonathon Brill/Billy Clegg                            Tel: 020 7831 3113

Financial Dynamics




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

ACQUAUNRNORNURR
Leisure & Gaming (LSE:LNG)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Leisure & Gaming Charts.
Leisure & Gaming (LSE:LNG)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Leisure & Gaming Charts.