Australian Company Ebet Buys Turbo Bonus

In Sidney, Australia, according to the Dow Jones: "eBet Ltd., having the stock exchange symbol EBT.AX which is an Australian betting systems and online gambling company, recently declared that it has decided to buy the business and assets of Paecu Pty. Ltd., the operator of the business also known as Turbo Bonus for $8.5 million Australian dollars (US$4.67 million)."

"Turbo Bonus is Australia's biggest dealer of card-based loyalty systems for gambling venues."

"The company intends to pay $6 million Australian dollars (US$3.29 million) in cash and offer the balance in the form of new eBet shares, once regulatory and shareholder approvals have been protected. The cash part will be funded from an $8 million Australian dollars (US$4.39 million) exchangeable note issue."

"eBet declared that it will apply the additional $2 million Australian dollars (US $1.09 million ) raised from that issue to working capital, stamp duty and goods and services tax, should the latter be ruled applicable by the Australian Taxation Office."

"The Managing Director Keith Cullen described the acquisition as `one of the most important and significant developments' in eBet's history"