Digiwave sells software licenses for $3M

ABS-CBN News

Posted at Feb 13 2009 10:50 AM | Updated as of Feb 13 2009 06:50 PM

Digiwave Solutions Inc., a Philippine-based software firm, has sold six of its online games software to Korea-based Goodandgood Management Inc. for $3 million (P141 million).

In a statement, the company said Goodandgood, an information technology firm, bought the software for 7-Card Stud Poker, Texas Hold 'Em Poker, Baccarat, Super 6, Baduki and Mahjong because of their "potential business capability."

Under the sales agreement, Goodandgood will buy up to 600 licenses of the six software packages.

Digiwave said Goodandgood was planning to put up kiosks offering the online games.

According to Digiwave president Justin Rojas, the software hold a random number generator and associated components certification from Australian gaming consultant Gaming Associates Pty Ltd., ensuring that results are uniformly distributed and statistically independent, and that game symbols are fair and unpredictable.

"The games also have high quality graphics, user-friendly interfaces and a help function that players can easily use for assistance," Digiwave said, noting that the software allow for multiple gamers to simultaneously play the games.

Aside from developing and distributing online gaming software, Digiwave is also operating its own Pagcor (Philippine Amusement Gaming Corp.) e-Games stations. Its Baduki and 7-Card Stud Poker are now being used in all e-Games stations across the country.

Digiwave is currently in the process of merging with Premiere Entertainment Philippines Inc. or PEP, a publicly listed company engaged in the entertainment and leisure businesses.

The pending merger between PEP and Digiwave, through a share swap transaction, will result in Digiwave shareholders acquiring nearly 70 percent of PEP and, in turn, Digiwave becoming a wholly-owned subsidiary of PEP.