MarilynJean Interactive (MJMI.QB) Signs LOI to Acquire Bitcoin Game Developer Funhouse Games
MarilynJean Interactive (MJMI.QB) today announced it has signed a Letter of Intent (LOI) to acquire all of the assets of games developer FunhouseGames.
Founded in 2010 Funhouse Games develops flash-based casino-style games for play on the Internet and mobile devices. Several of the company’s games are generating revenue through usage on Facebook including: Keno, Power Keno, Casino Stars and Big Bucks Lotto. In addition to receiving daily free credits, users can buy additional in-game virtual credit currency to continue playing games for a longer duration or betting larger virtual stakes.
Funhouse Games has plans to expand its offerings to include real money wagering as well as offering games which can be played using Bitcoin. Funhouse has several Bitcoin games under development and close to the Beta stage.
The specific terms of the acquisition will be disclosed upon signing of a definitive agreement. The terms outlined in the LOI include both cash and stock. The agreement is subject to both financial and technical due diligence. Terms also include lead developer and President of Funhouse Games, Paul Berti, signing an employment agreement with MarilynJean.
Peter Janosi, MJMI’s president said:
“Online gambling is a multi-billion dollar business that is on the verge of being revolutionized by the use of Bitcoin. This is a well-timed acquisition that fits perfectly within the gaming vertical of our business. Funhouse is at the revenue stage with its play-for-fun games which have a loyal user base and already has Bitcoin casino games well under development. We believe MarilynJean will be able to expand the operations of Funhouse into real money wagering through a licensed system backed by the credibility of a public traded company.”
Paul Berti, President of Funhouse Games said:
“The direction Funhouse is taking is a natural fit with the business plans of MarilynJean. We believe Bitcoin will be the primary currency in which the majority of future online gaming transactions are processed. We also believe that the best way to accelerate the growth of our business is through access to financing and marketing partnerships that come with being part of a public company.”
About MarilynJean Media Interactive
MJMI is in the business of providing safe and accessible services for the users of Bitcoin and other crypto-currencies.
Crypto-currencies are a medium of exchange using cryptography to secure transactions and control the creation of new units. Bitcoin became the first decentralized crypto-currency in 2009. Crypto-currency is produced at a rate which is defined when the system is created and publicly known.
By contrast, in centralized banking and economic systems, such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units or demanding additions to digital banking ledgers.
However, neither companies nor governments can produce units of crypto-currency and as such the value of crypto-currencies are completely based on supply and demand, free from any governmental control.
Many people believe crypto-currencies, and in particular Bitcoin, hold the promise of being the most significant advancement in global finance in modern history. The advent of Bitcoin creates a secure, easily accessible and transferable transnational currency that is completely liberated from political influence.
MJMI is currently exploring partnerships in several verticals within the crypto-currency space, including the multi-billion dollar online gambling market. Management believes that several industries, including international remittances, currency exchange and online gambling are on the verge of being revolutionized by the use of Bitcoin to effect transactions.
MarilynJean Media Interactive is among the first publicly traded companies focussed on Bitcoin and the crypto-currency space. The company’s trading symbol is MJMI.QB.
MarilynJean Media Interactive: http://www.marilynjean.com/
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