TAICHUNG, Taiwan and SALT LAKE CITY, Utah, Sept. 20, 2016 /PRNewswire/ -- GUANHUASOFT GAMING CO., LTD. ("GuanHua") a Taiwanese developer and manufacturer of casual casino games and 3D animation products distributed worldwide, was acquired by CMK Gaming International, Inc. (CMKI), a publicly traded company listed on the OTC-BB-PK and traded under the symbol CMKI.
Pursuant to the terms of the acquisition agreement, GuanHua now owns and controls a total of 90% of all of CMKI's issued and outstanding shares upon the completion of this tax free transaction. In connection with this transaction, CMKI has recently completed a 100 for 1 forward stock split.
GuanHua is a successful developer and manufacturer of casual casino games with revenue in excess of US$ 6,000,000 for its last fiscal year. It had developed approximately 30 proprietary new games by 2014 and creates at least 4 additional games per year, many of which are distributed worldwide.
GuanHua also has a presence in the Mobile Gaming market, with casual casino game titles on the App Store. GuanHua is working in conjunction with IAH Games in Singapore to publish a major title in the fourth quarter of 2016.
GuanHua is negotiating a loan commitment of US$5,000,000 from Worldwide Capital Group, Ltd., Hong Kong, which would then be available for use to further expand into the casual casino gaming industry, including worldwide lottery, horse racing, soccer and similar casino mobile apps related products and to acquire other attractive online gaming operating companies.
GuanHua is also in the process of securing additional financing commitments which when finalized, will further enhance its ability for internal and external growth.
FORWARD LOOKING STATEMENTS
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of GuanHua's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements.
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SOURCE GUANHUASOFT GAMING CO., LTD.