The developer of interactive gaming technology announced a 38% growth in revenues up to $1.06m and the completion of a placement of common stock and warrants for gross proceeds of approximately $6.5 million.
In 2005, the company invested over $2.5m in research and development. In particular it focused on completing its patent pending Multi Player Black Jack tournament solution, its patent pending Broadcast TV (Participation TV) gaming services and its proprietary mobile gaming solution.
“We believe that Zone4Play’s position as the leading provider of end-to-end gaming solutions across multiple platforms will continue to drive our growth for the rest of 2006 as shown by our recent contract successes. Our goal is to achieve profitability and growth, through broader penetration of our products among our existing customers, assertive development of new customer opportunities and by introducing our unique online Multi Player Black Jack tournament and our Participation TV gaming services to the gaming market. Based on our current pipeline, we believe we can achieve revenues of at least $3 million in the next 12 months,” said Shimon Citron, Zone4Play’s CEO and President.
“Our commitment to creating unique applications across the gaming spectrum has enabled us in 2005 to sign agreements with some of the world’s largest gaming operators including Coral/Eurobet and Betfair,” he added.
“The funding will be used to strengthen our sales and marketing focus with the goal of securing additional partnerships with global brands and achieving new opportunities for our unique interactive e-gaming technologies.”
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