i3 Interactive Expands International Presence, Acquires Controlling Interest in India-Based Online Poker Operation
TORONTO, Dec. 15, 2020 (GLOBE NEWSWIRE) -- i3 Interactive Inc. (“i3 Interactive” or the “Company”) (CSE: BETS) (FRA: F0O3) is pleased to announce
that it has closed the previously announced transaction (the “Transaction”) to acquire a controlling interest in an Indian entity (the “Indian Operating Entity”)
which owns an active Indian poker brand (the “Indian Poker Operation”). The completion of the Transaction marks the latest step in the Company’s continued efforts to capitalize on
the international growth of poker and create long-term value for its shareholders.
“We are thrilled to have completed this Transaction. With the historical and projected growth of poker in India the Company has strategically positioned itself within a key market in order to deliver strong performance and return on shareholder value. This acquisition is a significant step forward in executing on our strategy to identify and pursue growth in strategic markets. The Indian Poker Operation creates an immediate additional stream of recurring revenues from a loyal customer base in an established international market for the poker business,” said Chris Neville, Chief Executive Officer of the Company.
Indian Poker Operation
As of the date of this press release, the Indian Poker Operation is part of one of the largest poker networks in the world with over a million registrations and 100,000 active users. The Indian Poker Operation operates on an internationally award-winning mobile poker platform with industry leading features such as unparalleled welcome bonuses and VIP programs.
The Transaction, which was completed pursuant to the terms of the business combination agreement dated August 10, 2020 (as amended and modified, the “Definitive Agreement”) entered into by and among the Company and an arm’s length, private British Columbia corporation (the “B.C. Corp.”), was completed by way of a three-cornered amalgamation under the Business Corporations Act (British Columbia) (the “Amalgamation”), among the Company, B.C. Corp., and 1260039 B.C. Ltd. (“Subco”), a wholly owned subsidiary of the Company incorporated for the purposes of completing the Amalgamation. Under the Amalgamation, B.C. Corp. and Subco amalgamated to combine their corporate existence, with the entity resulting from the amalgamation continuing as a wholly-owned subsidiary of the Company under the name “i3 India Holdings Corp.” (the “B.C. India Holding Subsidiary”).