Phantom Fiber may be forced to raise more capital

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The developer of interactive mobile solutions for online casinos and sportsbooks reported a net loss of $1,232,486 on revenues of $153,598 for the six months ended June 30.

The company increased to over 1000 the number of devices supported by its technology and completed the development of a horse racing product and a multi-player poker product.

During the period, 14 new customer sites were deployed and while the management looks at the revenue-sharing arrangements with these sites to achieve sustained profitability, it may be necessary to raise further capital through private placements, thus further diluting the stakes of existing shareholders.

UPDATE: On the back of the news, shares of Phantom Fiber lost almost 20 per cent.