WARNING!
Symbols: LVH .TSX Venture Exchange
LVFHF.OTC Pink
LVH. Berlin & Frankfurt Stock Exchanges
Consolidation of share capital and acquisition of US online gaming agreements
VANCOUVER, BRITISH COLUMBIA. January 11, 2013 - Las Vegas From Home.com Entertainment Inc. (the “Company” or “LVFH”) (OTC Pink: LVFHF) (TSX-V: LVH) (Berlin: LVH) (Frankfurt: LVH). The Company reports that it will be seeking, at a special meeting of its shareholders scheduled for March 12, 2013, shareholder consent to a proposed consolidation of its share capital on the basis of 8 (eight) preconsolidation common shares for 1 (one) postconsolidation common share, and authorization for the board of directors of the Company, at any time within 12 months following the special meeting in its absolute discretion, to determine whether or not to proceed with an approved consolidation without further approval, ratification or confirmation by the shareholders.
Currently, a total of 233,715,045 common shares in the capital of the Company are issued and outstanding. Accordingly, if the consolidation is put into effect, a total of approximately 29,214,381 common shares in the capital of the Company would be issued and outstanding following the consolidation, assuming there are no other changes in the issued capital of the Company. There is currently no maximum number of authorized common shares. The consolidation is being proposed in order to allow the Company greater flexibility in future financings, and is subject to the approval of the shareholders and the TSX Venture Exchange (“TSX.V”). A change of the Company’s name is proposed if the Company proceeds with the consolidation, subject to acceptance for filing by the TSX.V.
The Company further reports that it has entered into a binding letter of intent (the “Binding LOI”) with a U.S. based gaming company whereby the Company shall acquire some of their existing agreements for software development and online gaming. The U.S. based company is in the business of developing online gaming opportunities with established casinos in the U.S.
The Binding LOI and the proposed transaction are subject to certain conditions including, but not limited to, the approval of the TSX Venture Exchange (the “Exchange Approval”).
Pursuant to the Binding LOI, the Company shall:
1) Undergo a share capital consolidation on the basis of 8 (eight) old Company shares for 1 (one) new Company share.
2) In conjunction with the share capital consolidation, the Company shall undergo a name change.
3) On the Closing Date of the proposed transaction, LVFH shall issue to the U.S. based gaming company a certain number of shares in the capital of LVFH which shall be determined by an independent valuation.
4) Subsequent or prior to the Closing Date of the proposed transaction, the Company shall carry out an equity financing.
Mexico Update
The Company is still actively developing its Mexican online opportunity. While it has entered into a number of advanced negotiations with multiple parties, a final transaction has not been concluded. The Company is in the process of finding a suitable established partner or completing a financing so that it can conduct the business by itself, which may require TSX.V approval. The Company expects some sort of definitive news for its Mexican opportunity in Q1 of 2013.
For more information on the Company, please contact Jake H. Kalpakian, President, at (604) 681-0204 ext 6105, or visit the Company’s website at www.lvfh.com.
On behalf of the Board of
Las Vegas From Home.com Entertainment Inc.
“Jake H. Kalpakian”
