Dynasty Gaming and Ho Group Sign Intent To Form Public Company for China Mahjong Activity
MONTREAL, March 22 /PRNewswire/ — Dynasty Gaming Inc. (TSX Venture: "DNY") today announced the signing of a Letter of Intent with the Macau-based Ho Group to form Ho Majiang, a new Asian-based company that will hold a license for Dynasty’s Mahjong software in China and will create and promote game playing opportunities exclusively in that country through the use of prepaid cards.
The intention of this undertaking is that Ho Majiang will be quickly converted into a public company with local shareholders and a listing on the Hang Seng Exchange in Hong Kong. The listing of the public company will facilitate the raising of capital needed to fund this new business activity. Dynasty will have a significant equity stake in Ho Majiang, which will earn revenue from the sale of special prepaid cards and other venues that enable Mahjong play.
"Formalizing this intent with the Ho Group represents a major step in realizing our China strategy", said Albert Barbusci, Dynasty’s Chief Executive. "The Ho Group, led by the highly venerated Dr. Stanley Ho, is widely acknowledged as the world’s largest gaming organization. By virtue of its extensive business and cultural roots throughout much of Asia, the Ho Group has broad and credible standing in China. The formation of the Ho Majiang public company, which will be controlled by the Ho Group and partnered with local Chinese investors, will create an enterprise armed with Dynasty’s intellectual property for use in non-wager play through the use of prepaid cards and other venues. This development ensures that Dynasty will be both an owner and an active participant in satisfying the appetite of the largest universe of Mahjong players in the world."
Commenting from Ho Group headquarters in Macau, Dr. Stanley Ho said, "We are enthusiastic about the future of Ho Majiang which will propagate a game of skill unique in the world. Majiang is not just an official national sport in China, it is a cultural treasure. We expect this announcement to mark the beginning of a series of contributions the Ho family and its companies look forward to making in sport, as well as cultural and social development in China."
Angela Ho, President of Ho Majiang, stated that, "our plans include the creation of an operating company in which Ho Majiang will partner with a leading Chinese group. This operating company will administer all facets of the Mahjong prepaid card operations. The extent of this activity and its revenue potential is impossible to estimate but the fact that Mahjong is played by over 500 million people in China causes our family and Dynasty’s leadership to believe that it will be considerable. We have every confidence in the future of Ho Majiang."
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this news release.
Dynasty Gaming Inc. (DNY) is solidifying a two-phased strategy to secure a lead position in the China market and within the international online gaming sector with its first-to-market software for an aggregate player, cash-wager version of Mahjong, the world’s most widely played game. Through its wholly owned subsidiaries, the company develops, markets, licenses and supports its Mahjong Mania software. Since marketing began in second-half 2005, a number of licensing agreements have been signed including a contract with Ladbrokes, the world’s largest online casino operator whose site (www.ladbrokes.com) now hosts a customized version of Mahjong Mania. Dynasty Gaming’s 77.0 million common shares in issue are widely held by Canadian and U.S. investors. Full information on Dynasty Gaming can be found at www.dynastygaming.com.
About the Ho Group
The Ho Group is principally engaged in gaming and entertainment activities through SJM, a Macau-based company. SJM ranks as one of the world’s largest casino operators. The Group’s range of businesses spans transportation, infrastructure, tourism and media and it has interests in all of the most important hotels and casinos in Macau. Shun Tak Holdings Limited, a Hang Seng listed company with shipping, real estate and investment interests, is also part of the Ho Group.
