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Talks Continue for Everest Poker Buy Out
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June 18 - Two anonymous parties that are involved in discussions with Gigamedia for the purchase of its Everest Poker brand will be pleased to note that the parent company performed within expectations in the first quarter of 2009.
The Taiwanese based Gigamedia showed that its poker and casino software revenues were in line with expectations, to the tune of $31.7 million.
Another good sign is that active depositing poker players remained steady in a quarter on quarter comparison, while there was a slight growth in the number of new depositing players.
Gigmedia executives said that the company was in the final stages of negotiations with two different parties whose identity has still not been revealed to the industry. It is not clear whether the negotiations involve a full sale of Everest Poker to the party or whether the deal involves a strategic partnership.
Everest Poker sponsored the Spanish Poker Tour this year, bringing the brand even more exposure and leading to higher revenues overall.
Gigamedia said that it was proud of the way it had managed to endure the tough first quarter of 2009, despite the current global economic conditions.
"In the first quarter, our Everest software business faced greater than expected challenges from the macroeconomic downturn and the weakness of the Euro - slowing our business in Europe," said the Chief Executive Officer for Gigamedia, Arther Wang. "We have responded with a set of cost reductions and efficiencies which will protect the financial strength of the business, as well as prepare for a return to growth as a leaner, tighter organization."
Everest Poker is currently running a $200 sign up bonus promotion where new players are rewarded when they make their first deposit at this site.
Go to Everest Poker today.
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