BUSINESS

Global Pari-Mutuel Services heads to Guernsey

TAGs: Global Pari-Mutuel Services, Guernsey, royal turf club

Now more than ever, Global Pari-Mutuel Services, Inc. GPRM’s main focus has been exclusively on developing new proprietary technology related to their pari-mutuel trading hub to allow users to compete, using a system of pari-mutuel wagering, on the relative price movements of various financial instruments.

The company was formerly in the business of deploying technology and providing services designed to facilitate pari-mutuel wagering over the Internet and through international call-centers and physical off-track-betting facilities but beginning just last week, GPRM determined to exit these markets. The company signed a non-binding letter of intent to sell its Royal Turf Club subsidiaries to a group of investors led by former GPRM chief executive James Egide.

Under the terms of the agreement, the group will exchange $1m in cash and roughly 9 million shares of GPRM stock for 100 per cent of the outstanding capital stock of Royal Turf Club and its associated subsidiary Royal Turf Club Limited.

“The sale of the RTC businesses represents the true launch of Global Pari-Mutuel in its new form,” said R. Jarrett Lilien, chief executive of GPRM. “Shedding these legacy businesses allows us to focus on our new destination, which is the intersection of the financial markets, gaming, and fantasy sports.”

The company is also changing its state of incorporation from Nevada to Delaware and moving to a new office in Guernsey, Channel Islands.

“With these restructurings behind us and our recently announced exclusive agreement with Amtote, we are completely focused on delivering an innovative new financial markets-based technology product later this year,” said Lilien.

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com