Orlando, FL 5/18/12 (StreetBeat) -- Gate To Wire Solutions, Inc. (PinkSheets:GWIR), a solutions provider and advisory organization to international horse racing and casino gaming interests, has announced that it has entered into a Letter of Intent to acquire 2251803 Ontario Ltd., a company doing business as the Poker Management Group ("PMG"). PMG is the operator of the World Poker Showdown, a poker room management company selling poker vacations on cruise ships, and Contest Poker, a recently developed brand that will operate an online sweepstakes poker business in regulated markets.
The acquisition of PMG will be completed on a share exchange basis with the shareholders of PMG receiving 12.5 million new common shares of G2W. PMG shareholders will also receive an earn-out paid annually of 15% of Earnings before Interest, Taxes, Depreciation, and Amortization ("EBITDA") capped at a cumulative amount of $25 million. The Company's poker management team will be led by Herb Van Dyke, an experience poker room and casino operator with over 35 years of experience in the casino gaming and poker industries.
"This is an exciting opportunity for G2W and we look forward to working with Herb and the PMG management team," stated Mr. John G. Simmonds, President and CEO of G2W. Mr. Simmonds added, "Poker has enjoyed resurgences in North America and the world as regulated markets have continued to embrace new poker room licenses and online poker opportunities. We believe there will be a tremendous opportunity to develop a recognized poker room brand. It is important to note that the company will only look to operate in regulated jurisdiction with valid licenses and Mr. Randy Barber will remain on our Board of Directors and oversee the company's gaming compliance."
Mr. Herb Van Dyke of PMG stated, "There is a tremendous opportunity to consolidate and brand a network of poker rooms and I believe Gate To Wire provides the necessary vehicle we need to advance this business and develop our online poker product. I look forward to working with John to enhance this business and build an industry leading Board of Directors."
PMG is a private entity formed to operate and manage poker rooms and to develop an online sweepstakes based subscription poker service that will provide a legal online poker service to the regulated markets.
Gate To Wire Solutions, Inc. is a public company trading under the symbol GWIR on the OTC Pink Sheets exchange in the United States. It is a solutions provider and advisory organization to horse racing and casino gaming interests.
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