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Nio and Gaming Innovation Group to set up internet gaming entity on Malta


Friday, 11 Apr 2014 02:13am EDT 

Nio Inc:Enters Memorandum of Understanding with Gaming Innovation Group Ltd to set up a new internet gaming entity on Malta.Nio will own 73 percent, GIG 24.5 percent and the new managing director 2.5 percent in the new Maltese limited liability corporation.Shareholder agreement regulating cooperation between the parties is yet to be signed.Says necessary funding of the new entity is expected to be less than 1 million euros and will be handled by GIG and Nio without any necessary external funding.As a result forming the new entity, Nio has terminated operations on Panda365 and will consider the future strategy for its existing internet gaming operations on Luna Casino. 

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