Mohawks Consider Share Offering
CANADA – As reported by the Montreal Gazette: "The Mohawks of Kahnawake are considering participating in a London share offering that would raise money for an international network of computer centres to serve the online gambling industry and other e-businesses.
"The Kahnawake economic development commission expects to finalize an agreement as early as this week to take a 40-per-cent stake in an Isle of Man company looking to issue shares on the London Stock Exchange's junior AIM market, said John (Bud) Morris, chief executive officer of the development commission.
"The commission owns Mohawk Internet Technologies, whose computer servers have made Kahnawake one of the world's most popular jurisdictions for hosting online gambling sites. MIT, home to scores of casino, poker and bingo sites, is negotiating a contract that would see the Isle of Man company - Continent 8 Technologies PLC - offer its servers to international customers as part of a larger 'grid' of data centres.
"…Grand chief Michael Delisle said the Kahnawake council supports the IPO as an important economic development opportunity for the community.
"…Investors in London have been showing a big appetite for online gambling stocks, encouraging a raft of companies involved in the $12-billion global Internet gaming business to bring new issues to market…"