VANCOUVER, March 26 /CNW/ - ESI Entertainment Systems Inc. ("ESI") (TSX:
ESY) today announced that the Company has continued with its restructuring
plans in order to optimize its operations and to build a strong foundation for
The following actions have been performed:
- All intellectual property related to Citadel Commerce and PlayLine
will be transferred to subsidiaries in Malta.
- Citadel's primary data center in Vancouver will be re-located to
- Citadel has commenced outsourcing portions of its software
development to India.
- Citadel's call center in Costa Rica has been enhanced to support
additional operational responsibilities as well as local accounting
- Citadel's North American sales staff has been further reduced.
- Citadel's UK operational and sales staff has been increased and has
already signed several new agreements.
Due to the reduction of accounting support required in Canada, Mark Bains
has agreed to resign as CFO of ESI. Tony Greening will resume responsibility
for the CFO role.
As a result of the further restructuring and continued conservative use
of its accumulated capital, ESI expects to generate increased sales in Europe
and better position the company to serve its customers.
Due to the recent events in the gaming industry and their affect on the
Company, stock options have been granted to key employees in order to enhance
employee retention over the next four to five years. Effective March 1, 2007,
ESI has granted 1,175,000 stock options to directors, officers, employees and
consultants from the Employee Stock Option Plan (ESOP). The options have
exercise price of $0.50 and expire on March 1, 2017.
About ESI Entertainment Systems Inc.
ESI Entertainment Systems Inc. ("ESI") (TSX: ESY) provides products and
services to the international gaming and e-commerce industries through its
three principal subsidiaries, Citadel Commerce Corp., ESI Integrity Inc. and
PlayLine Inc. ESI's products and services, which primarily consist of payment
processing, transaction monitoring and turnkey gaming platforms, are deployed
in the on-line and land based gaming and e-commerce markets.
For further information:
For further information: ESI Entertainment Systems Inc., Tony Greening,
Chief Executive Officer, Telephone: (604) 299-6922, email: firstname.lastname@example.org,