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Australia's Ebet to Buy Turbo Bonus

7 Oct 2002

SYDNEY, Australia – As reported by the Dow Jones: "eBet Ltd. (Australia:EBT.AX) , an Australian gambling systems and online gambling company, said Monday it has agreed to buy the business and assets of Paecu Pty. Ltd., operator of a business known as Turbo Bonus for A$8.5 million (US$4.67 million).

"Turbo Bonus is Australia's largest supplier of card-based loyalty systems for gambling venues.

"The company intends to pay A$6 million (US$3.29 million)in cash and provide the balance in the form of new eBet shares Dec. 15, once regulatory and shareholder approvals have been secured. The cash component will be funded from an A$8 million (US$4.39 million) convertible note issue.

"eBet said it will apply the additional A$2 million (US$1.09 million)raised from that issue to working capital, stamp duty and goods and services tax, should the latter be ruled applicable by the Australian Taxation Office.

"…Managing Director Keith Cullen described the acquisition as `one of the most important and significant developments' in eBet's history…"

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