New Poker LLC Products To Offer Unique, Online Gaming Promotions
LAS VEGAS, September 15, 2008 - Executives of Zen Gaming, Inc., a privately-held, Las Vegas-based gaming development and technology company, and Power Play Development Corp. (PWPY:PK) of Framingham, MA, the leading provider of outsourced promotional poker solutions and the owner of the National League of Poker, NLOP.com (www.nlop.com), today announced the companies have signed a definitive asset purchase agreement.
Zen Gaming, Inc. will acquire all the assets of Power Play Development Corp. and NLOP.com and has agreed to undertake all on-going operating expenses for the corporation in return for a royalty stream of payments back to Power Play. Zen Gaming will bring its NewPoker LLC gaming products to NLOP.com to create unique, online gaming promotions for millions of poker players.
“Power Play and Zen Gaming are positioned to provide new and compelling legal online gaming experiences for the U.S. market,” said Michael Clebnik, chief executive officer of Power Play. “Adding a Las Vegas nexus and layering with Zen’s new, patented poker games along with its sales and marketing expertise will greatly accelerate our penetration into the marketplace and increase awareness of the NewPoker and Power Play brands.”
Zen Gaming, Inc. and its subsidiary, NewPoker LLC, are leading the revolution in poker play as younger players demand more action and veteran players seek more variety. On July 1, NewPoker LLC introduced its two patented games, Royal Hold’em and No River Hold’em into the poker room at Treasure Island Resort & Casino on the Las Vegas Strip. Both games are derivations of Texas Hold’em and Zen Gaming is bringing the games to more Las Vegas Strip casinos and poker rooms. Zen Gaming has over 80 proprietary games as part of its intellectual property and has teamed up with a number of the industry’s major game developers to begin to bring these products to market.
“By adding Zen’s proprietary games to the NLOP.com website, we are creating a dynamic relationship between our existing land-based gaming clients and their customers and millions of online poker players around the country,” said Mark Brown, chief executive officer of Zen Gaming. “Following this transaction, we believe that we are uniquely positioned to provide online players a rewarding and unique experience through NLOP.com.”
In September 2006, the gaming industry estimated that over 35 million Americans were playing online poker. In late 2006, this multi-billion-dollar market was prevented from playing online poker by the passage of federal legislation that prohibited U.S. residents from moving any form of currency to or from online casinos.
“Our software platform, combined with Zen’s leadership in distribution and marketing, and patented, land-based poker model, will allow us to re-connect with the U.S. player who is seeking compelling online poker experiences. We will meet the demand for interactive, online play with an alternative that is innovative and legal in the U.S.,” Clebnik concluded.