On February 10, 2016, SeanieMac International, Ltd. (the "Company") and SeanieMac Holdings Ltd., a wholly owned subsidiary of the Company incorporated in England and Wales ("Holdings"), entered into an agreement (the "Agreement") with Apollo Betting and Gaming Ltd ("Apollo"), pursuant to which Holdings purchased Apollo's online gambling and betting business carried on by Apollo in the United Kingdom, via a purchase of Apollo's assets related to that business. The purchase has an effective date of February 1, 2016. The Company is a guarantor of Holding's obligations under the Agreement.
In exchange for the assets, Holdings agreed to pay Apollo a total of $2,000,000, as follows: (i) $80,000 was paid at the closing; (ii) $10,000 to be paid to Apollo within 2 business days of the date on which Apollo delivers to Holdings audited accounts of Apollo for the year ended 31 March 2014; (iii) $10,000 to be paid to Apollo within 2 business days of the date on which Apollo delivers to Holdings audited accounts of Apollo for the year ended 31 March 2015; and (iv) $1,900,000 to be paid to Apollo upon the migration of the acquired business onto a new operating platform which is capable of delivering the online betting services provided by Apollo in substantially the same way as provided by Apollo as of the closing, and the successful use of the new platform in connection with a bet placed by any person who is included on Apollo's database of customers as of the closing, with the amounts payable under this clause (iv) being paid from the combined net profits Holdings and SeanieMac Ltd., which is also a wholly owned subsidiary of the Company.
Pursuant to the Agreement, Holdings has agreed to enter into a purchase agreement to acquire all of the business and assets of SeanieMac Ltd.
The foregoing description of the Agreement is a summary only and is qualified in its entirety by reference to the full text of the Agreement, filed herewith as Exhibit 10.1 and incorporated herein by reference.
seawas your last paragraph in your post is wrong ,,it has no date when the new platform will start ,,,
