And a special Gizmondo will be created for this !
Two Key Appointments Made to Drive Opportunities in Gambling RAM Investment Group PLC, the AiM listed investment company, today announced that it has agreed heads of terms to form a joint venture with Tiger Telematics to exploit the technology and design behind Tiger's new mobile gaming console 'Gizmondo' specifically for applications in the areas of gambling.
The Directors of the Company believe that this joint venture presents the opportunity to exploit a large untapped market which could generate strong revenues for Ram in the medium to long term.
Joint Venture
The agreement sees a new company being formed called Tiger Gambling Ltd which will be 75% owned by Tiger Telematics and 25% owned by RAM with profits generated being shared on a 50/50 basis. RAM will exert day-to-day management control of Tiger Gambling Ltd and will be responsible for drawing up and executing the company's strategy of exploiting the Gizmondo console, the most advanced multi-media handheld device available today, for the gambling market.
Neither party have committed any financial resources to the JV outside management time and operational expenses to progress the Tiger Gambling opportunity.
Under the Heads of Terms, RAM will be granted a global license to promote and develop the console in the gambling market for an initial 18 month period, subject to a three year extension provided that initial sales targets are achieved. Revenues will be driven from many sources such as equity and currency trading, spread betting, sports betting, gaming and traditional gambling such as poker, black jack and roulette. The device gives gambling and betting corporations the opportunity to interact with its customers in a way they have never been ale to do before. In addition, RAM will be able to derive significant additional revenues from advertising through Gizmondo's 'Smart Adds' applications which allows advertisers to deliver customized feature-rich content to users of the device.
Ram is already in detailed discussions with well known "blue-chip" international online gambling and established betting organisations and has already received extremely positive feedback.
Tiger Telematics/Gizmondo
The new console for gambling will be based on the current Gizmondo device but will be branded and marketed under a different name. The names of the device will vary depending on the commercial partnerships but are most likely to be branded in the partners' names.
New Appointments
To assist RAM and exploit opportunities for Tiger Gambling Ltd, the Company has made two senior appointments.
Brian Katz has joined RAM as a development and industry consultant and brings extensive gambling expertise having spent over 40 years in the sector. Brian was a director of London Clubs Ltd from 1988 to 1992 and then worked on projects to set up and manage casinos around the world in areas such as Mauritius, The Seychelles, Kuala Lumpar and Singapore. From 1998 to the present day Brian has been a consultant to Stanley Leisure PLC and London Clubs Ltd.
Christian Ericson has been recruited as Technical Director to Tiger Gambling Ltd to develop the gambling applications and the new console's functionality and has extensive experience in product development for wireless technology applications. Christian was most recently the Managing Director of Indie Studios AB a Stockholm based company focusing on developing 3D multiplayer games for the Gizmondo device.
Edward Adams, Chairman of RAM Investment Group PLC commented:
"As the gambling market worldwide grows, the opportunity exists for hand-held gambling devices in the UK and internationally. Currently, volumes in online gambling are increasing strongly each month and consequently, in our view, the Gizmondo has huge potential. I can report that we are already in discussions with some of the industry's top gambling and casino companies with a view to agreeing partnerships and license deals."
