Bedding down successful acquisition of BountyAs advised on 9...

Bedding down successful acquisition of Bounty
As advised on 9 January 2008, eBet acquired the Bounty Limited group of companies for A$3.25M cash on 27 December, 2007. It has already repaid A$2.75M of the purchase price from the assets and earnings of the Bounty business, and the remaining A$500K is expected to be repaid by mid June, 2008.
Sales of Bounty’s Compass product to Aristocrat customers in NSW continue to be strong. In addition, Odyssey Gaming Technology Pty. Ltd. has recently elected to renew its Qld. machine monitoring contract with Bounty for another 5 years from 30 June 2008, with monitoring fees being subject to an annual increase of CPI or 5%, whichever is higher. This contract will generate revenues over its 5 year life in the range of $2.5M to $3.2M based on current connected machine number