BICO set to acquire Vegas Wireless Entertainment

California-based advertising and content publisher BICO has announced the signing of a definitive agreement for the acquisition of wireless gaming and payment applications provider Vegas Wireless Entertainment.

The move is designed to enable BICO to take advantage of the rapidly expanding mobile games market, offering a global wireless community the ability to participate in various sports betting activities and mobile lotteries, in addition to the provision of various popular casino games including poker, blackjack, roulette and slots.

BICO president and CEO Richard Greenwood commented: "This business combination represents an opportunity to improve BICO shareholder value and represents the type of solution BICO's management and board of directors were seeking to identify."

The company intends to leverage opportunities presented by Vegas Wireless Entertainment's real-time game play and in-game wagering solution for wireless devices. In addition, Vegas Wireless Entertainment is planning to launch a new 'white label' B2B product, enabling more than 1800 online casinos worldwide to offer wireless play without the need for their own IT and development staff.

Chris Feges, president of Vegas Wireless Entertainment, added: "We are extremely excited by this opportunity. According to a recent General Accounting Office Report, online gaming is generating over USD 5 billion in revenues. With the growth of the wireless gaming market, we feel that Vegas Wireless Entertainment is poised to become a market leader."

The acquisition agreement, which will see Vegas Wireless shareholders issued with shares representing 80 per cent of outstanding BICO shares, is expected to complete shortly, subject to standard closing conditions.