he transaction is subject to 30 days of due diligence, AAMS regulatory approval, an audit of the financial statements prepared in accordance with SEC regulations and the completion of a material definitive agreement.
The Company has agreed to pay Euro 450,000 as follows: Euro 50,000 at closing, five instalments of Euro 60,000 each and a final payment of Euro 100,000. The agencies, which have been in operation since 1999, currently operate under a service provider agreement with Strike Giochi generating approximately Euro 3.5 million in annual gaming turnover.
"The acquisition of Alea is a key component of our land-based strategy with generous ancillary benefits," stated Michele Ciavarella, CEO of the Company. "We intend to capitalize on these benefits in the very near future and are establishing solid momentum in achieving our build-out objectives."
The Company expects these additions to its land-based vertical to have an immediate and positive impact to its financial results ahead of the 2016 license tender and on development of its existing Web-based shops in Italy.