Las Vegas From Home.com Entertainment Inc.'s official response to the Unlawful Internet Gambling Enforcement Act
The Board of Directors of the Company is currently assessing all aspects of the UIGE Act and how it will affect the Company. The Company and its licensees' U.S. customer base currently accounts for approximately 28% of the Company's revenues. The closure of the U.S. accounts would have an adverse material impact on the Company's business. The Board of Directors will be continually monitoring the legal landscape both in the U.S. and Canada and will act accordingly to protect its shareholders' interests. Most importantly, the Company intends to comply with all international laws that it is advised upon regarding this matter.
Advance discussions on the sale of Action Poker Gaming Inc. ("APG") For some time the Company has been exploring various business opportunities including but not limited to the sale of APG, the Company's licensed operating unit. Several parties have expressed interest, and the Company has been informed by an interested party currently in advanced discussions with the Company, that, despite the recent above mentioned legal developments, it still intends to acquire the Company's operating unit. While the Company is hopeful a sale will take place so that it can focus on its Asian Multi-Player Software Platform ("AMSP"), there is no assurance a sale will take place and investors are cautioned not to rely upon a transaction being completed. The Company will update investors as developments warrant.
In an attempt to cut down on its legal exposure in the North American market and to capitalize on promising nascent business opportunities, the Company has been developing a unique Asian Multi-Player Software Platform ("AMSP") for the past year.
This Software was designed and targeted exclusively for the Asian Market and will not be available to North American Residents. The Company's AMSP was recently soft launched through the Company's Asian licensee that is a dominant brand in the region and is considered to be one of the world's largest operators in terms of betting handle. The Company will be announcing more details shortly regarding the AMSP and other related developments.
About Las Vegas From Home.Com Entertainment Inc.
LVFH is an "E-Gaming" Software Developer and provider, and through its wholly owned Antiguan Subsidiary, Action Poker Gaming Inc., licenses its software to third parties.
For more Information on the Company, please contact us at (604) 681-0204, or visit our Website at www.lvfh.com.