Macau firm gets extension on due diligence for DFNN investment

MANILA, Philippines - Macau-based Cowson Holdings Ltd. was given an additional 30 days to conduct its due diligence in connection with its planned multi-million dollar investments into publicly listed DFNN.

DFNN earlier received a non-binding term sheet from Cowson and Kirschner Games International (KGI), a Philippine company, under which Cowson shall invest a maximum of $6 million in primary shares at an initial agreed price of P25 per share as well secondary shares of DFNN from the market.

The investment into DFNN will be used to partially fund a purchase of a still to be determined amount of shares in KGI.

KGI is in the business of managing projects related to new media gaming solutions in terms of providing content, hardware infrastructure, networking systems and software in an integrated solution.  It supplies technologies and systems for use in the Philippine Amusement and Gaming Corp’s gaming operations.

KGI also provides the distribution channels and marketing or publicity services for successful sales of new media games. It said it intends to cater to new media and games not normally found in a land based casino environment.

Under the same term sheet, an additional $7 million has been committed by Cowson to fund the operations of DFNN and KGI.

DFNN said it received by courier an extension of its non-binding term sheet with Cowson and  KGI under which Cowson was given an additional 30 days to conduct its due diligence.

During the same period, DFNN, Cowson and KGI shall negotiate the terms of more definitive agreements in line with implementing the investment of Cowson into DFNN and the subsequent investment of DFNN into KGI.