amynia will pay the company us$ 9,075,000 plus a percentage of future revenues earned by Gamynia from the World Poker Tour and Professional Poker Tour brands.
Under ownership of Gamynia, the World Poker Tour and Professional Poker Tour brands will continue all operations including the company’s television, sponsorship, distribution and licensing units and will under the agreement enter the online gaming market. Gamynia has secured the services of an industry leading online gaming marketing company Hardway Investments Ltd. which will seek to exploit and develop the WPT brands with the goal of maximizing future revenue opportunities.
Under the asset purchase agreement, the Company will sell its television library, including all related intellectual property rights, brand names, trade names, certain assumed contracts and tangible personal property. Gamynia will assume specified liabilities including one of the two corporate leases.
The company will retain its cash and cash equivalents, investments in debt securities and put rights, certain other investment and litigation assets, and future foreign sponsorship revenues from the sponsorship of Seasons Four, Five and Six of the World Poker Tour and Season One of the Professional Poker Tour by PartyGaming and the license of Season Seven of the World Poker Tour to PokerStars. It will also retain certain office lease obligations and all of its employee obligations.
The net cash proceeds from the asset sale will be retained by the company and it plans to use the cash to develop or acquire a non-poker related business. The company does not currently intend to distribute any proceeds from the asset sale to the firm’s stockholders.