— Proprietary technology verifies fairness of online and land-based game play —
VANCOUVER, Feb. 1, 2016 /CNW/ - POYDRAS GAMING FINANCE CORP. (TSXV: PYD) ("Poydras," "PGFC," or the "Company") today announces that it has entered into a strategic partnership with BitBoss Corporation ("BitBoss"), focused on the commercialization, licensing and distribution of BitBoss' patent pending technology CryptoLock™ (serial no. 62/222,270) for Provably Fair Games and its related technologies.
BitBoss' proprietary technology utilizes public and private key systems, and cryptologic functions, to randomize and deliver electronic entropy sets, such as cards or dice, on an encrypted basis. Game players can verify for themselves that a digital game was randomized and delivered fairly – for example, that all 52 cards in a deck of online poker were randomly shuffled, and that all cards in the deck were dealt according to the order in which they were shuffled. For the first time poker players will be able to fold their cards and the game can still be provably fair.
The initial term of the agreement, which gives Poydras the exclusive right to market BitBoss' technology to gaming equipment manufacturers, online client-server casinos, and land-based casino and card room operators, is for 18 months, with three year extensions contingent on achieving certain milestones. Gross revenues will be split 60%/40% between Poydras and BitBoss, respectively.
"We are pleased to enter into this agreement with BitBoss to bring their exciting and innovative technology to market," said Peter Macy, CEO of Poydras Gaming. "Instilling player confidence in the fairness of the games they enjoy is critical for companies in gaining and retaining long-term, loyal customers and brand champions. This alliance expands our recurring revenue model to the growing online gaming market and also reflects our strategic focus on building a portfolio of exclusive or proprietary products to offer to our current and future customers."
"The senior management of Poydras has a wealth of experience and deep contacts in the gaming industry, making them the ideal strategic partner to support our growth and success," said Knowles Cornwell, co-founder of BitBoss. "We are very excited by the prospect of combining our technology with Poydras' access to opportunities across the gaming space."
Matthew Dickson, EVP of Poydras, is also a director, officer, and significant shareholder of BitBoss, and therefore this transaction is considered to be a related party transaction.
About BitBoss Corp.:
BitBoss Corp., is revolutionizing the real money gaming industry using emerging technologies in the fields of cryptography and distributed ledgers. BitBoss believes these emerging technologies can increase player confidence, reduce cheating, and revolutionize today's client server based architecture.
About Poydras Gaming Finance Corp.:
Poydras Gaming is focused on leasing and financing gaming machines (such as slot machines) and related capital expenditures for existing casinos, new casino developments and gaming machine suppliers in the United States. It owns and finances slot machines including short- and long-term lease contracts across 25 casinos in Oklahoma and Texas. Additional information about the Company can be found on the SEDAR website at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Poydras Gaming Finance Corp.
For further information: Keith Richards, Investor Relations | NATIONAL Equicom, T: (416) 848-1599, E: firstname.lastname@example.org; Peter Macy, CEO, Poydras Gaming Finance Corp., T: (604) 683-8393, E: email@example.com