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IAS Selling Canbet Business

Australian online gambling provider has signed a binding agreement with Yin Khing Investments to sell its Europe-facing operation for $758,000.

Friday 29th May 2009

In Australia, online gaming and wagering provider International All Sports (IAS) Limited has announced that it has entered into a binding agreement to sell its Europe-facing Canbet business to Yin Khing Investments Limited. IAS revealed that Yin Khing Investments is registered in the British Virgin Islands and is run by Patrick Tay and Elson Yin. It specialises in innovative software solutions for the online entertainment market and has agreed to pay $758,792 for the Canbet subsidiary. “The Canbet business has had a number of operational challenges particularly following the changes to gaming laws in the United States and unsuccessful strategies to grow our European sports operation,” said Barry Coulter, Chairman for IAS. “The sale of Canbet presents an opportunity for IAS to refocus on our core Australian business. This transaction transforms IAS from a global operation into a more focused and profitable niche player in the Australian racing industry.” IAS revealed that it would be retaining Canbet’s Australian concerns along with the Norfolk Island-based AusTote subsidiary in order to continue offering the same comprehensive range of services. It stated that the sale should be concluded by the third quarter of 2009 and that it is providing transition services to Yin Khing Investments on a ‘fee for service basis’. IAS predicted that the sale would result in an ongoing reduction in expenses of more than $303,000 per month alongside a one-off abnormal balance sheet write-down of approximately $9.1 million. “As previously announced, several parties have been subject to standstill agreements in relation to trading in IAS shares,” read a statement from IAS. “As a result of the Canbet sale and ongoing changes in industry dynamics, particularly the impact of advertising and product fees, the IAS board of directors has agreed to release all companies currently bound by standstill obligations.”

Source: OnlineCasinoNews

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