AGTECH HOLDINGS LIMITED Entering a New Era in Mobile Lottery and
Strengthening Leading Position in Lottery Hardware Supply
Acquisition highlights: Acquisition was completed on 8 January 2015. Target Group is now a wholly-owned subsidiary of the Group
Enters into new smart phone lottery game market
Strengthens leading position in lottery hardware supply and diversifies product range
Total maximum aggregate consideration of HK$489.5 million (subject to downward adjustments), comprised of an initial consideration of HK$189.5 million and a deferred consideration of HK$300.0 million. Adjusting for the Target Group's cash balances, the net total maximum aggregate consideration is approximately HK$437.0 million
(8 January 2015, Hong Kong) - AGTech Holdings Limited ("AGTech", together with its subsidiaries, the "Group") (SEHK code: 8279), the leading integrated gaming company in China's lottery market, announced that AGTech through its wholly-owned subsidiary Silvercreek Technology Holdings Limited
("Silvercreek") has completed the acquisition of 100% equity interest in Score Value Limited (the
"Target Group").
The Target Group is principally engaged in the research and development, quality assurance and sale of handheld lottery sale equipment, provision of aftersales maintenance of such devices, as well as the design of lottery games and system development. It has been successfully operating as a hardware supplier since its establishment in 2008. Over the years, the Target Group has supplied over 20 provinces, municipalities and autonomous regions in the PRC with lottery equipment. Furthermore, the Target Group is currently seeking approval from the relevant government authority of the PRC for the system and content of a lottery game to be played on mobile smart phones in China.
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AGTech Announces Completion of Strategic Acquisition in China Lottery Market
8 January 2015
The total maximum aggregate consideration payable is HK$489.5 million (subject to downward adjustments) which is comprised of an initial consideration of HK$189.5 million and a deferred consideration of HK$300.0 million. Adjusting for the Target Group's cash balances, the net total maximum aggregate consideration is approximately HK$437.0 million (subject to downward adjustments). More details can be found in the Group's stock exchange announcement dated 8
January 2015.
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About AGTech
The Group is the leading integrated gaming company in China's lottery market. The Group is principally engaged in (i) gaming technologies (game software, systems, hardware and terminals); (ii) online and mobile lottery; and (iii) lottery management. The Group is committed to applying international management concepts and advanced technologies to the lottery industry in various areas such as lottery systems, lottery hardware, lottery games, internet and mobile smart phone distribution & systems, wireless network and streaming media, thereby providing China's lottery authorities and millions of lottery players in China with professional, integrated lottery services.
The Group has a team of over 200 professionals and the footprint of its lottery business now covers over 80% of the provinces and municipalities across China. The Group is a member of the World Lottery Association (WLA) and the Asia Pacific Lottery Association (APLA).
For more information, please visit www.agtech.com
AGTech Holdings Limited
Geaspar Byrne CFA Tel: (852) 2599 7111 Email: geaspar.byrne@agtech.com
Strategic Financial Relations Limited
Eunice Leung | Tel: (852) 2864 4883 | Email: eunice.leung@sprg.com.hk |
Janet Fong | Tel: (852) 2864 4817 | Email: janet.fong@sprg.com.hk |
Angelus Lau Fax: (852) 2527 1196 | Tel: (852) 2864 4805 | Email: angelus.lau@sprg.com.hk |
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