Otcbb Penny Stock, LegalPlay Entertainment Inc. Announces New Strategy With a Focus on Precious Metals Exploration, Seeks Alternatives for Gaming Assets
VANCOUVER, British Columbia
LegalPlay Entertainment Inc.
Investor Relations, 604-689-5998
Fax: 604-689-8988
Email: Info@LegalPlay.com
www.LegalPlay.com
LegalPlay Entertainment Inc. (OTCBB:LPLE) announced today that following a recent meeting of the board of directors and management, it was determined that the current strategy in relation to the Company's gaming operations is not providing sufficient results to build significant shareholder value. The Company has ascertained that competition in online gaming is extremely competitive and until such time that legislation is passed in the United States, the Skill Poker system will not be a popular choice for the online gaming consumer. LegalPlay Entertainment Inc. is seeking alternatives for its Skill Poker subsidiary including the possibility of divesting the company to a large gaming operator and will continue to operate the system until such time that a transaction is concluded. There can be no assurance that a buyer will be found for the Skill Poker subsidiary.
Considering the rise in the demand and price for many industrial commodities, management and the board concluded that the Company should focus on a strategy to build shareholder value through the acquisition and development of under valued mineral assets with near term development potential. There can be no assurance that the Company will be able to acquire and/or develop any such mineral assets and even if it does, the Company may not receive any revenues from such development. As such, there can be no assurance that any new strategy will have any effect on the Company's revenue or shareholder value.
With this new strategy in mind, the Company has begun discussions with respect to the acquisition of mineral properties or the participation in joint ventures with a number of parties. Currently, the Company is considering mineral properties with a focus on base metal commodities such as gold, silver and platinum / palladium. The Company intends to form a board of advisors to oversee the new direction and is currently discussing the strategy with a number of experienced mining executives. There can be no assurances that the Company will be able to form an advisory board or that such a board will be effective to assist the Company in its new direction.
The Company intends to conclude a transaction in the short term but there are no assurances that it will be successful in doing so or that any transaction will generate revenue to the Company. The Company will also consider financing alternatives through debt, equity or a combination thereof. There can be no assurances that the Company will be able to secure any financing.
On behalf of the Board of Directors,
Mr. Mark Glusing
President
This press release contains certain forward-looking information and statements concerning the company's operations, performance and financial condition, including, in particular; the ability of the company to develop the ability of the company to conclude a transaction involving the divestiture of its Skill Poker subsidiary; the ability of the company to conclude a transaction involving the acquisition and development of a mineral property and the company's ability to generate revenue from the acquisition; the ability of the company to establish a board of advisors with sufficient mining experience; the ability of the company to successfully conclude a transaction involve a financing. These statements are based upon a number of uncertainties and contingencies, many of which are beyond the control of the company. Actual results may differ materially from those expressed or implied by such forward-looking statements. This document is not intended to be and is not an advertisement for any securities of the company.
