Dynasty Gaming has signed a letter of intent with Shanghai's 3Q1 Technologies to purchase an initial 10% stake in 3Q1 in exchange for an undisclosed amount of cash.
This transaction includes an option for Dynasty Gaming to eventually acquire up to a 25% holding in 3Q1, which is an online mahjong game developer and operator with offices in Shanghai and Guangzhou.
"This initial purchase of a stake in 3Q1 will provide Dynasty with an opportunity to further its China strategy and to get even closer to China's universe of online mahjong players, a good number of whom are already 3Q1 clients," said Albert Barbusci, Dynasty's chief executive officer. "As well, the acquisition will enable an integration of our best-in-class play-for-points technology with that of 3Q1's game client and tournament platform and it will ensure that future product development is completely in line with market appetites."
This transaction with 3Q1 is expected to be completed by the end of August 2007.