24 Hour Poker Signs Letter of Intent
In addition to the separation 24hPoker.com signed a letter of intent with Martinspoker.com regarding the incorporation of 3 related online poker brands into one business to consumer company, to operate these brands. Besides Martinspoker.com, Staffpoker.com and Danepoker.com would be involved in the incorporation. The gaming operations will be run by a subsidiary in Malta. 24hPoker Holding AB will be the primary shareholder in the company, but not the operative.
Peter Astrom, CEO 24hPoker Holding AB disclosed regarding the arrangement, "This separation of business activities enables 24hPoker Holding AB to focus on strengthening its position as a business to business gaming supplier, which makes the offer clearer for both customers and the financial market. Simultaneously 24hPoker.com's potential can be fully developed, which will show in the results going forward."
Claus Nielsen, CEO Martinspoker.com added, "With these brands targeting different segments of the market we will become a leading player in Scandinavia and have a stable platform for expansion to new markets in Europe and the rest of the world. At the same time we achieve synergies as the merged organization becomes more efficient and focused."
The Swedish gaming group creates software systems for online gaming operations through its offspring companies 24hPoker AB and B2B Poker AB as well as operates one of the world's leading poker networks, 24hNetwork.
24hPoker launched internet poker in 2001 and conducts gaming operations via foreign subsidiaries. The Group also sells and develops turnkey gaming platforms for players that want to conduct gaming operations under their own brand through the 24hNetwork.