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 Viestin otsikko: Betwoks
ViestiLähetetty: 28.10.2003, 02:18 
Status: JäsenLiittynyt: 10.02.2003, 16:15Viestit: 259
Pisteitä: 2
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Betworks Pty Ltd, a licensed sports bookmaker in the Australian Capital Territory, is a wholly owned subsidiary of Euraust Ltd a publicly listed company, trading on the Australian Stock Exchange.

Euraust Ltd acquired Betworks in July 2002. Since that time Euraust has invested significantly in the development of the Betworks business. However, over that time, the trading results of Betworks have not resulted in the consistent positive return anticipated and required by Euraust. Other issues such as restrictions on transferring of funds via credit card, the ultimate withdrawal of our credit card merchant authority, the losses incurred though the failure of Securebuxx and concerted attempts by some customers to defraud and scam the sports book, have also contributed to stifle the development of Betworks.

Euraust Ltd required a greater return on its investment and the corporate entity believed that it may not have the depth of financial resources to continue to support Betworks. The combined result of these circumstances was that Euraust Ltd sought to divest itself of Betworks. An agreement for the divestiture was struck on 25 October 2003 and arrangements for the new owners to take control of Betworks are being put in place immediately.

The company acquiring Betworks has indicated that it will review the operational and product direction of Betworks. As a result, there will be a temporary halt to trading of the sports book until the change of ownership and control is completed. This temporary halt is not expected to exceed 48 hours.

Please note that as a result of the regulatory structure in the ACT, the change of ownership will not affect the status of funds held on behalf of our customers. They remain secured by the customer trust account provisions. Any inconvenience is regretted. Telephones will not be manned over this time, therefore please forward all correspondence to support@betworks.com
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