Optimal Group to Float FireOne Group

Tuesday 26 April 2005 10:14 CET | News

Optimal Group has provided further details concerning its intention to sell a minority interest in its online gaming payments subsidiary, FireOne Group plc, through a flotation on the London Stock Exchanges AIM.

It is anticipated that, in conjunction with the intended flotation, presentations and pre-flotation research will be made available to potential investors. As a result, Optimal Group is providing further details regarding the flotation. FireOne and its subsidiaries will carry on the activities that relate to the processing of online gaming transactions through the use of credit and debit cards, electronic debit and through FirePay, a leading stored-value, electronic wallet. FireOne will also offer FirePay for non-gaming purchases. The online gaming payments business to be carried on by FireOne processes more than $1 billion in annualized payments volume and has processed payments for over 300 merchants representing more than 1,500 websites. The online gaming payments activities have been carried on by a subsidiary of Optimal Payments Inc. For purposes of the intended transaction, the financial results of online gaming processing activities have been segmented from Optimal Payments financial results. FireOnes board of directors will be comprised of eight members including four independent non-executives. Mitch Garber will be FireOnes Executive Chairman and will maintain his role as CEO and President of Optimal Payments. Ben Dalfen, who has been the principal manager of the gaming payments business for Optimal Payments, will be FireOnes Chief Operating Officer. Mr. Roger Withers will be FireOnes senior independent director. Mr. Withers has been involved at a senior level in the gaming and leisure industries in the United Kingdom and internationally for over 30 years. Following the completion of the flotation, Optimal Group will remain the majority shareholder of FireOne. Optimal Group has engaged Numis Securities Limited in connection with the flotation.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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