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Nio pays NOK 12 mln in own shares for trading systems from Zenit Statistics


Tuesday, 22 Jul 2014 02:23am EDT 

Nio Inc:Says has entered into deal with Zenit Statistics to purchase trading systems and related deals for trading purposes in sports betting markets.Says purchase price is 12 million Norwegian crowns and will be paid by 24 million Nio shares at a share price of 0.50 crown per share.Says no new shares will be issued.Says following completion of the transaction, Nio will reduce its holding of own shares from 33.13 percent to 18.13 percent.Says expects this operation to generate a yearly profit of minimum 3 million crowns going forward.Says will incorporate a wholly owned Maltese subsidiary for the transaction, which will specialize in calculating odds and manage risk for sports betting.