TMCnet News
Win Win Gaming Inc. Raises $1.45 Million; Issues 2.9 Million Shares in Private PlacementLAS VEGAS --(Business Wire)-- June 10, 2005 -- Win Win Gaming, Inc. (Company) (OTCBB:WNWN) raised $1.45 million through a private placement of 2,900,000 unregistered shares of common stock issued to the Van Wagoner Private Opportunities Fund and accredited individual investors. The Company also issued five-year warrants to purchase additional shares of common stock at $0.50 per share in an amount equal to three percent (3%) of the number of shares purchased through the private placement. These warrants are exercisable if a registration statement covering the resale of these shares does not become effective by a date to be determined. The Company intends to use the proceeds to support its lottery games in China, its sports/action wireless games in the U.S., and for general working capital. Win Win Chief Executive Patrick Rogers commented: "We are pleased with the continuing support of Van Wagoner and others, including their confidence in our business strategy. We are making progress toward expanding distribution of our instant-winner lottery and TV games in other provinces in China, and, during the next several months, we are expecting to launch new mobile sports and action games under our recently acquired licensing deals with a major entertainment sports programming network. While we are therefore expecting revenue growth in 2005 compared to 2004, this round of financing provides working capital in the interim." About Win Win Gaming, Inc. Win Win Gaming Inc. develops and publishes sports, action, and lottery games for mobile, TV, and other media under licenses and agreements with major sports and entertainment entities and government/public-welfare agencies. Win Win also provides market analysis, materials design, marketing/promotions, operations management, technology, and infrastructure. For more information, visit www.winwininc.com. Safe Harbor Statement: The information in this release includes certain forward-looking statements including, but not limited to, statements regarding registration of shares, the use of proceeds, expansion in China, new game launches, and revenue growth. Actual results may differ materially from the results expressed in the forward-looking statements due to factors including, but not limited to, uncertainties regarding business conditions, operational and financial needs, lottery trends and policies in China, demand for sports/action games, licensor requirements, the ability to obtain licenses to develop lottery programs or exploit existing licenses; ability to compete with other lottery companies that may be more experienced and better capitalized; changes in domestic and foreign laws; regulations and taxes; changes in economic conditions; uncertainties related to the legal systems in the Company's markets, including China; economic, political, and social events in China and other markets; securities markets trends; Securities and Exchange Commission regulations which affect trading in low-priced securities; and other risks detailed in the Company's filings with the U.S Securities and Exchange Commission. |
