CHANDLER, Ariz., Dec. 8, 2010 /PRNewswire-FirstCall/ -- Global Pari-Mutuel Services, Inc. (Pink Sheets: GPRM) (the "Company"), a pari-mutuel gaming and wagering services provider, announced today that it signed a consolidation agreement with the members of BERMASE LLC, a private investment company pursuant to which BERMASE will become a wholly-owned subsidiary of the Company and the members of BERMASE will become the Company's controlling stockholders. The closing of the consolidation is subject to customary closing conditions and is anticipated to occur prior to year end.
The Company also entered into a consulting agreement with Bendigo Partners, LLC pursuant to which certain of Bendigo's partners have agreed to become the Company's executive officers, and Bendigo has agreed to be the Company's operational partner. Jarrett Lilien, Bendigo's founding partner and former president and COO and an interim CEO of E*TRADE Financial, and Richard Taylor, the former managing director, global head of operations at E*TRADE, with over 40 years of operational experience, will both join the company's board of directors.
Messrs. Lilien and Taylor will be joined on the company's board of directors by current directors Joel A. Asen, Robert A. Berman, James A. Egide, the company's former chief executive officer, and by Jeffrey Camp, Managing Partner of Jodocus Capital, a privately held investment firm. Mr. Camp was formerly a co-founder of Partner Fund Management and a Managing Director of Morgan Stanley. Robert Berman was also named non-executive Chairman.
Promptly following the closing of this transaction the Company intends to file documentation required for it to once again begin reporting with the Securities and Exchange Commission.
About Global Pari-Mutuel Services, Inc.
The Company is focused on deploying technology and providing services designed to facilitate pari-mutuel wagering over the Internet and through international call-centers and physical off-track-betting (OTBs) facilities, and is currently developing a new proprietary technology related to its pari-mutuel trading hub.
About Bendigo Partners
Bendigo Partners (www.bendigopartners.com), a private investment and incubation firm, focuses on opportunities in global, technology-driven financial services. It supports product expansion, global expansion, acquisition, or technology and operational efficiencies with both capital and expertise. The company participates in all stages of investing and brings operational expertise to technology, operations, marketing, sales, service, compliance, audit and finance functional areas. The Bendigo team is comprised of highly experienced financial services executives who have built and run businesses all over the world.
SOURCE Global Pari-Mutuel Services, Inc.