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Poker.co.uk - Poker News Archive
Thursday 3rd June 2004 Online gambling to offline gold
Legal Play Entertainment the operator of Skillpoker.com has announced plans to change its current strategy in relation to the Company’s online gaming operations owing to ‘in sufficient results to build significant shareholder value.’
‘The dramatic change in business was forced by competition from similar companies based offshore, while awaiting federal legislation to legalize online poker in the US and Canada. Competition in online gaming is extremely competitive and until such time that legislation is passed in the states, the Skill Poker system will not be a popular choice for the online gaming consumer,’ says President Mark Glusing.
The Vancouver, BC-based company is instead hedging its bets and getting into mining joint ventures with mining claim-holders. It is in discussions to acquire mineral properties or participate in joint ventures with a number of parties.
‘Sure, mining is a bit of a gamble, but at least we don’t have to worry about the Justice Department when we’re digging in the ground. We chose mining because the rise in demand and price for gold, silver and other mineral commodities made the industry attractive,’ concedes Glusing.
Considering the rise in the demand and price for many industrial commodities, management and the board concluded that the company should focus on a strategy to build shareholder value through the acquisition and development of under valued mineral assets with near term development potential.
Legal Play said it will continue to operate the system until such time that a transaction is concluded, but warned that there can be no assurance that a buyer will be found for the Skill Poker subsidiary. ‘There can be no assurance that the Company will be able to acquire and/or develop any such mineral assets and even if it does, the Company may not receive any revenues from such development. As such, there can be no assurance that any new strategy will have any effect on the Company's revenue or shareholder value,’ warns Glasing.
Source: OnlineCasinoNews
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