"This funding agreement enables the MGS to expand the current and future business activities more efficiently. MGS is currently in the process of expanding the current business areas to new markets.
London (PRWEB) February 09, 2012
The terms of the SPPA allow the Company to draw down funding over a three year period. The SPPA also provides that the price at which shares may be subscribed by EPF is 90% of the lowest daily volume weighted average price during that number of trading days selected by MGS and set forth in a draw down notice sent to EPF. MGS is able to specify a minimum acceptable price for each draw down period to prevent significant dilution in the market below what the company feels is an acceptable price.
Speaking about the agreement, Mr. Teppo Oranne, the interim Chairman of MGS, said "This funding agreement enables the MGS to expand the current and future business activities more efficiently. MGS is currently in the process of expanding the current business areas to new markets. We are happy that EPF has committed pursuant to the terms of the SPPA to meet the funding needs of MGS and provide a long term funding commitment."
EPF spokesperson Bruce Nelson stated, “Unlike hedge funds which have significant regulatory burdens exposing their investors to higher risks, EPF is able to act quickly, is more flexible when it comes to structuring an investment and has less regulatory burdens.EPF has no outside investors and is considered a private fund run by its principals, similar to a merchant bank that invests its own capital and as such it is seeking capital appreciation through the identification and funding of liquid growth companies. This Equity Line Funding provides companies with flexible terms and a low discount to draw down funding."
In addition, Mr. Bruce Nelson stated "EPF approaches various companies in various sectors such as technology, energy, finance, manufacturing, mining/resources and healthcare that are looking for growth or acquisition funding which is difficult to find given current global economic conditions."
About Managed Gaming Solutions Plc
Managed Gaming Solutions (MGS) was formed in October 2006. The company – originally named Mobile Gaming Solutions – was initially established as the international business development arm of Finnish gaming technology innovator JetBet Oy. MGS is a mobile and online gaming solution provider focusing on lottery and lottery-like games of chance, betting and casino gaming. We offer complete easy-to-play gaming solutions to mobile and internet users. MGS’s patented gaming platform is managing live commercial mobile services in several countries. For more information please visit our website http://www.mgscorporation.com