ProGaming Platforms Corp. Executes Share Swap Agreement With BioMedix Ltd.: Transaction Values PPTF's Shares at 0.16$ per Restricted Share
NEW YORK, February 19, 2013 /PRNewswire/ --
ProGaming Platforms Corp. (OTCBB:PPTF), (Pinksheets:PPTF), an Israeli-based developer of a commercial multiplayer online gaming and reward processing platform, today announced that it has entered into a share swap agreement with BioMedix Ltd., a publicly traded company on the Tel Aviv Stock Exchange (TASE). BioMedix, a leading Medical Device/Technology incubator, has agreed to purchase 1,229,055 restricted PPTF shares at a valuation of $.16 per PPTF share, via share swap of its publicly traded Israeli subsidiary, Gefen Biomed Investments Ltd. (GEFEN:TASE). In connection with this share swap transaction; PPTF received 921,790 shares of Gefen, which values the PPTF shares at $.16
The transaction with BioMedix was disclosed at the IL Maya system (Israeli SEC website) and can be viewed (in Hebrew) at:
Erez Zino, ProGaming's CEO, stated "ProGaming continues to progress in its efforts to bring added value to our shareholders. The funding that we receive upon from our sale of our Gefen shares will be used to enhance our ability to add personnel and acquire resources to augment our existing technology as well as to fund additional joint venture projects with strategic partners. We plan during the forthcoming weeks to continue to update our shareholders and the investment community with regard to our acquisition program."
Mr. Zino further stated that "ProGaming is continuing its efforts to improve cash flow, which will also improve our financial condition and should result in share price appreciation. Our long-term plan includes seeking to upgrade our share listings to higher level exchanges including foreign listings in the future."
About ProGaming Platforms Corp: ProGaming Platforms has developed what it believes is the ultimate gaming platform for the Internet's ultimate games. The platform automatically and accurately determines game winners from an unlimited pool of players and automatically pays monetary reward payouts. The platform can be integrated into any existing billing system, can be licensed by any online gaming provider and can sit on any third-party server. In addition, Progaming has developed a proprietary "state-of-the-art" multiplayer puzzle game which is integrated with its unique GER technology to match the Social media gaming needs.
About Biomedix and Gefen: Biomedix and its subsidiary, Gefen, are Israel-based, publicly-traded companies listed on TASE. Biomedix is an investment management company focused primarily on Israeli-based Medical Device and Technology companies, from early stage to later stage/mature companies presenting high growth potential. Biomedix controls two of Israel's largest incubators, ATI and Meytav, as well as a late-stage investment entity, SpearHead. Gefen's risk management leverages its investment funds through the Israeli incubator program under the direction of the Office of the Israel Chief Scientist.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. All forward-looking statements are inherently uncertain, based on current expectations and assumptions concerning future events or future performance of ProGaming Platforms Corp., and its technologies. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated. ProGaming Platforms Corp. public filings may be viewed at http://www.sec.gov.
Erez Zino, CEO
SOURCE ProGaming Platforms Corp