17 Nov 2014 07:00
17 November 2014
Nektan plc
('Nektan', 'the Company' or 'the Group')
Nektan and Spin Games LLC announce US Joint Venture Agreement
JV entity announces signing of three contracts with commercial and tribal enterprises across California and Nevada to launch 'in-venue' mobile gaming
Following its admission to AIM on 3 November 2014, Nektan, an international B2B mobile gaming platform provider, is pleased to announce the signing of a joint venture agreement with Spin Games LLC ('Spin Games'), a leading US licensed gaming content supplier.
The 50/50 joint venture will target the significant opportunity to introduce mobile gaming technology to the land based US casino market across the 32 states where forms of gaming are legal. In 2013, commercial and tribal casino revenues in the US totalled more than $65 billion dollars. Through its JV with Spin Games, Nektan will facilitate existing operators' entry into in-venue mobile gaming for a daily fee per gaming cabinet (slot machine).
The Nektan and Spin Games JV's solution allows casino operators to quickly offer specialised in-venue mobile technology and content on a significant portion of the 651,000 gaming cabinets on casino floors. The service offered provides land based operators the opportunity to introduce new gaming content that can be accessed by customers across both cabinets and mobile devices in-venue.
The JV's first contracts are in California and Nevada with both tribal and commercial operators and it is expected that these initial contracts will generate material revenue for the JV from the outset. This new revenue stream underpins the Nektan Board's confidence in their forecasts.
Gary Shaw, Executive Chairman of Nektan, commented:
''This joint venture and the announcement of our first contracts with US land-based operators is a significant step in the execution of our US growth strategy. With our joint mobile technology solution including the Evolve platform and Spin Games's gaming machine expertise we are offering a solution to introduce mobile gaming to land based casino operators across up to 32 states.
The JV's pipeline of contracts continues to develop and we will update the market as appropriate. The JV also provides Nektan an entry into the key US market without reliance on state-by-state interactive gaming regulation, which remains a longer term opportunity for the Group. ''
Kent Young, President/CEO of Spin Games, commented:
"We are delighted to be forming a joint venture with Netkan and feel our combined technology and expertise will allow us to exploit the opportunities in the North American gaming market."
Enquiries:
Nektan Gary Shaw, Executive Chairman | Tel: Via Hudson Sandler +44 (0)20 7796 4133 |
Panmure Gordon (Nominated Adviser and Corporate Broker) Corporate Finance: Andrew Godber Corporate Broking: Charles Leigh-Pemberton | Tel: +44 (0)20 7886 2500 |
Hudson Sandler (Financial PR) Nick Lyon/ Alex Brennan | Tel: +44 (0)20 7796 4133 |
About Nektan
Nektan is an international B2B mobile gaming platform provider. It is a developer and operator of mobile games in the regulated, interactive RMG and freemium gaming space, delivering white label implementations to large commercial organisations that have established online audiences.
Formed in 2011, Nektan operates under a full Remote Gambling Licence issued by the Gibraltar Licensing Authority and maintains sales and customer support operations in its two primary geographical targets, Europe and North America, from offices in Gibraltar, London and Las Vegas.
The Group has developed a full end-to-end platform, Evolve, which is purely focussed on supporting mobile gaming. Nektan's white label platform simplifies the route to mobile gaming revenues for its target commercial entities: managing the full customer experience and back-office operations, allowing the partner solely to focus on marketing the product to its consumers.
www.nektan.com
About Spin Games
Founded in January 2012, Spin Games LLC with offices in Reno USA, and Bangkok Thailand, designs and develops premium and customised gaming content and smart solution technology for the online, interactive and land based markets. The Spin interactive games are versatile and produced in HTML5 format and are compatible with pc, and multiple mobile applications.
The Spin content portfolio includes a broad range of themes with stellar graphics, sounds and features. In addition, the company's technology portfolio includes the Roc (Robust Online ClientTM) remote gaming server and innovative secondary bonusing products for the global land-based and the interactive markets. The Spin Games team is made up of some of the most experienced talent in the gaming industry and focused on delivering products that spin to win.
http://www.spingames.net/