BUSINESS

Jersey Gambling Commission grant NMi Licence; Giga Media management seeking to sell assets; SJM Holdings to announce 2011 results

TAGs: Jersey Gambling Commission, nmi, Playtech

NMi GigaMedia SJMFollowing the announcement that Playtech acquired its Isle of man licence, the Jersey Gambling Commission – responsible for licensing, registration, and regulation on the island – has published its list of Test Houses accredited to approve on-line gaming systems. According to a press release, operators have a choice of three labs for compliance testing at the time of writing.

Andrew Rosewarne, Managing Director of NMi – a company that offers compliance testing and auditing services to the online gambling industry – said: “We have been working with the Jersey regulator for quite some time now, and have been carrying out testing of gaming machines there since March 2010. We are delighted to have the capability to offer online testing in the jurisdiction and to notch up another first, after our move into Spain which has been a great success for us.

“Our success in the market is based on our relationship with regulators and understanding of technical requirements and our speed of entrance into Jersey is a testament to our commitment to our customers.”

NMi have a 30 year reputation in the EU with facilities in the Netherlands, Italy, Belgium, and the United Kingdom.

 

Online Gaming software provider, GigaMedia Limited today announced that new management is seeking to sell certain assets in the first half of 2012. The planned disposals are intended to free up millions of dollars for investment in new strategic growth initiatives, in line with GigaMedia‘s turnaround plans.

A press release revealed the company’s turnaround plans, driven by CEO John Stringer, are based on an explicit decision-making framework with clear objectives: “effectively managing cash, maintaining the company’s listing on NASDAQ, and executing a new strategic growth plan.”

While past results are not a guarantee of future performance of these investments, based on current market values of GigaMedia’s shareholdings management believes it has a reasonable expectation of generating cash proceeds of approximately US$30-US$40 million exclusively from sales of its interests in these publicly-listed game studios.

 

In other business news, SJM Holdings will hold a board meeting on29 February to approve the audited final results of the company and its subsidiaries for 2011. Accoridng to a report by Macau Business, the company will also consider whether to recommend any final dividend.

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