r> TORONTO, March 20 - FUN Technologies Inc. ("FUN" or the "Company"), one of the world's leading online casual gaming providers, announced today that its wholly owned subsidiary, SkillJam Technologies Corporation ("SkillJam"), has acquired WorldWinner.com, Inc. ("WorldWinner"), in a US$23 million transaction that further consolidates the Company's leadership position in the fast-growing casual gaming market.
Based in Newton, Massachusetts, WorldWinner is a privately held company that specializes in online skill games. It hosts more than 10 million games and awards millions of dollars in prizes every month, with games in five categories: Card (Bridge, Spades), Word (Word Mojo(TM)), Arcade (SwapIt, Blockwerx), Strategy (Skillgammon, Cubis) and Sports (Pool, Polar Bowler). An average of 350,000 games are played on WorldWinner daily. For the 12 months ended December 31, 2005, WorldWinner's unaudited financial statements showed revenue of US$10.67 million, a loss before interest, taxes and extraordinary items of US$0.68 million and net assets of US$3.91 million.
SkillJam is a multi-channel provider of skill-gaming technology and solutions. It develops and distributes private-label gaming solutions for a broad network of partner destination sites in the US and abroad, including AOL, MSN's Zone.com, Virgin Games and Lycos. Through its skill-gaming website SkillJam.com, SkillJam offers a wide range of skill games to its over 9 million registered users. SkillJam games are also offered over the Internet, through wireless applications (mobile) and iTV (interactive television), and on stand-alone kiosks.
Over the short term, WorldWinner's products will continue to be offered on its website, http://www.worldwinner.com, but there will be some level of integration in the future with the SkillJam property. The consideration for FUN's acquisition of WorldWinner is a payment to the sellers of approximately US$23 million in cash.
Lorne Abony, the CEO of FUN Technologies, said, "The acquisition of WorldWinner is a significant strategic achievement for FUN Technologies. WorldWinner was until now our largest competitor and by consolidating the two businesses we will achieve significant operating efficiencies, leverage and synergies. Skill-gaming is in its infancy and we believe it makes tremendous sense to consolidate the sector in its early stages to capture market share, increase supplier concentration, enhance distribution and acquire customers at low cost per acquisition. The synergies that exist in merging SkillJam and WorldWinner are enormous, as the businesses are complementary in every way."
Rick Weil, the President of FUN Technologies, commented that acquiring WorldWinner means leveraging economies of scale and significantly growing revenue. Further, Mr. Weil stated, "We will acquire millions of new non- overlapping customers, increase our liquidity and offer customers a variety of new online games. We also intend to move quickly to take advantage of the cost synergies which exist in redundant operations."
Stephen Killeen, the President and CEO of WorldWinner, commented, "We are proud to be a part of this merger with FUN Technologies. The consolidation of the two organizations will result in a global skill-gaming powerhouse."
About FUN Technologies Inc.
FUN Technologies Inc. is one of the world's leading online casual gaming providers. FUN's strategy is to provide its cutting-edge, person-to-person gaming systems to top, licensed distribution partners in regulated markets around the world. FUN is 51% owned by Liberty Media Corporation, and FUN's common shares are listed on both the Toronto Stock Exchange and the Alternative Investment Market (AIM) of the London Stock Exchange under the symbol "FUN".
About SkillJam Technologies
SkillJam, a subsidiary of FUN Technologies Inc., is the leading multi- channel provider of skill-gaming technology and solutions, and boasts more than 70 skill games across all gaming genres, including Puzzle, Arcade, Card and Tile, Word, Trivia and Multiplayer games. SkillJam develops and distributes skill-gaming solutions across online, mobile and iTV platforms, while providing a host of private-label gaming solutions for a broad network of partner destination sites in the U.S and abroad, including AOL Games, MSN Games and Real Networks. In 2005, SkillJam partnered with many more leading global brands, including GSN and Virgin Games.
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