$DEAC today announced an update on its current negotiations to acquire the only dual casino and gaming license on the island of Roatán, the largest of Honduras Bay islands, as part of the Companys transition into the hospitality and gaming industry. On November 30, 2014, EDS entered into an option contract with H y H Investments, S. A. (H y H) to acquire the casino/gaming license on Roatán. The terms of the original contract have since been mutually renegotiated by both parties to include a reduction of $1,500,000 of the cash portion due within thirty days of exercising the option. The renegotiated terms provide that the Company tender a $500,000 cash payment to obtain ownership of the license. These renegotiated terms will be included in the contract upon the Companys election to exercise the option. Currently, these terms have been signed and approved by the Seller and the Company is working on the legal documentation. In addition, the option to exercise the contract has been agreed to be extended to February 28, 2015. finance.yahoo/news/elite-data-services-announces-progress-123000350.html
Posted on: Mon, 12 Jan 2015 15:29:04 +0000
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