Online Poker software Provider Playwize goes bust
28th October, 2008
Playwize were well known throughout the industry and have provided several online operators with high quality software. The company specializes in poker software and made sales figures of only £24,258 for its half year profits.
“Due to very disappointing trading results and the substantial losses incurred as a result, the Playwize group has ceased all trading operations and made all of its employees redundant,” said John Corre, Chairman for Playwize.
Playwize have agreed to sell their technological software and have been forced to make all staff redundant with immediate effect.
The company said in a statement, ”Following completion of the sale and after settling all creditors, the company will have approximately $64,690 of cash remaining in the bank,”
“This amount is subject to the debenture in favour of the Headstart funds given by the company as security for the $1.132 million of convertible loan notes issued by the company to Headstart, which are outstanding and have accrued interest of a further $40,431 to date.”
By Jamie
