Online Poker Company Excapsa Sells OutCompany Accepts $130 Million Offer from Former Client |
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The fallout from the passing of the Safe Harbor Act continues as Excapsa Software Inc. announced that it was selling all shares of its wholly-owned subsidiaries Excapsa Services Inc. and Game Theory Holdings Limited to Blast Off Limited, a privately owned company based in Malta. Before purchasing Excapsa, Blast Off Limited was a licensee of the Excapsa Gaming Network that included more than 60 online poker sites, including UltimateBet.com.
According to a company press release, the decision to sell was twofold. The company believed that the new hurdles facing the US market were too much to overcome and the organization's leaders wanted to maximize the company's values for stockholders.
Prior new reports surrounding the sale indicated that Excapsa was only selling its US-facing operations, but the company refuted these rumors today when it issued a press release stating that it has sold the company's entire operating subsidiaries and is exiting the gaming software licensing business completely.
Under the terms of the agreement, Excapsa will be paid $130 million (US) for the sale, with $10 million being paid in cash upfront and the rest to be paid with monthly payments of between $1 and $2 million dollars until the debt is settled.
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