here is the official press release from BoS today...
BETonSPORTS plc
Update
The Board of Directors of BETonSPORTS plc, the on-line gaming company announced today that it has reached agreement with the United States District Court for the Eastern District of Missouri on the form of a Permanent Injunction relating to its US facing businesses. This replaces the Temporary Restraining Order (TRO) issued on 17th July 2006 with which BETonSPORTS plc also complied by ceasing to trade in the US.
While the Company has agreed to the Permanent Injunction, it is important to note that this has been done without the Company admitting to or contesting any of the allegations contained within the Complaint. The Company is an investment holding company and has not itself undertaken any gaming activities. Furthermore most of the alleged offences in the Complaint took place before the Company started to trade in July 2004.
The Board has agreed to accept a Permanent Injunction:-
on the basis of legal advice in the USA and the UK;
as it is seen as a major step in the negotiation to settle the outstanding criminal action against the Company;
so that it can concentrate on trying to deliver some value for shareholders from its continuing Asian operations.
The Company has, as a result of this order, stated:-
That following on from its announcement of 11th August 2006 and having complied with the TRO the Company it is completing the closure of its Costa Rica and Antiguan operations;
That its Antiguan subsidiary continues with its efforts to repay customers although this remains dependant on collection of monies from processors and other debtors;
It will, as part of the Permanent Injunction, agree a plan with the DoJ for its Antiguan subsidiary to pay customers based on money recovered.
As stated in our announcement on the disposal of Hooball today, BETonSPORTS plc other Asian facing brands continue to trade normally and the Directors continue to assess the options for the business.
Negotiations with the DoJ continue with the aim of eliminating the criminal charges against the Company.
- Ends -
Citigate Dewe Rogerson
Ginny Pulbrook
+44 (0)20 7282 2945
Celtic Communications (USA)
Kevin Smith
+1 314.623.2734
kevin@celticom.net