24/7 Gaming to switch to binary options sector

Online casino operator 24/7 Gaming has confirmed that it is making a radical change in its business model by switching the binary options sector, where it is pursuing an appropriate acquisition that is regulated in Cyprus.

In preparation for the move the company is engaged in a brand change to Amesi plc and plans to raise funds by liquidating its current subsidiaries.

The AIM-listed company’s shares have been suspended since September when it raised GBP360,000 through a share placing to fund the transaction costs of a potential reverse takeover under AIM rules.

The company disclosed this week that it is to cease operations and funding in its existing and unprofitable online gambling subsidiaries, including its Wannagaming casino operations and its Playlogic publishing operations.

The investor publication Morningstar reports that management at 24/7 Gaming said that the company is continuing to take expert advice to prepare financing for the acquisition and expects to make a further announcement on this in early 2015.

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