The turnover for Q1 was USD 537,000 compared to USD 300,000 for the same period last year. The EBITDA was USD -25,540, up from -69,614 last year, and the earnings ended at USD 15,959 up from -98,241 last year. The company has reversed USD 230,000 of the provision for bad debt that was booked in 2011, which is equal to the amount received from the acquirer. The settlement with Julian International Holdings negotiated last year has worked satisfactory up until mid Q1/13, when it started to become increasingly difficult to collect the outstanding consideration. After the balance sheet date, the company negotiated a revised payment plan with Julian for the outstanding amount, and we are closely monitoring the situation. For more information; please refer to the quarterly financial statement.

Playsafe Holding Group - Q1/Q2 2013 financial statement (Norwegian only)

28/01/2013
Summary of Q4 and the financial year 2012

The turnover for Q4 was USD 457,000 compared to USD 5,6m last year, and USD 1,6m for the year, compared to USD 12,5m for 2011.
The significant reduction is due to the sale of our gaming division in October 2011, and henceforth the numbers are not directly compatible with previous years. The core business of the company is now software development and sale, as well as sale of terminals and software to the European market. The company has reversed previous reversal of bad-debt provision of USD 400,000 in Q4, following the settlement with Julian International Holdings Inc. For more information, please refer to the quarterly financial statement.

Playsafe Holding Group - Q4 2012 financial statement (Norwegian only)

10/12/2012
Summary of Q3 2012

The turnover for Q3 was USD 450,000 compared to USD 2,5m last year, yielding a result (earnings) of USD 99,800 for the quarter ending September 31th. The significant reduction is due to the sale of our gaming division in October 2011, and henceforth the numbers are not directly compatible with previous years. The core business of the company is now software development and sale, as well as sale of terminals and software to the European market. The company has reversed previous reversal of bad-debt provision of USD 400,000 in Q4, following the settlement with Julian International Holdings Inc. For more information, please refer to the quarterly financial statement.

Playsafe Holding Group - Q3 2012 financial statement (Norwegian only)

01/11/2012
Summary of Q1 and Q2/2012

The turnover for Q1 landed on USD 300,000 ($2,24m) and $401,000 for Q4 ($2,1m). The significant reduction is due to the sale of our gaming division last year, and henceforth the numbers are not directly compatible with previous years. The core business of the company is now software development and sale, as well as sale of terminals and software to the European market. Following some turmoil previously reported re. The timely settlement of the purchase consideration by Julian Ineternational Holdings Inc., the company enetered a settlement agreement in Q2 which has normalised the relationship. This is reflected in teh reversal of bad-debt provision made last year of USD 998,000. The business of the company has normalised which will be reflected in next periods numbers.

Playsafe Holding Group – Q1/Q2 2012 financial statement (Norwegian only)

03/07/2012
Documents for the Shareholder meeting released

The company has called for a shareholder meeting to be held at the Hotel Continental, July 5th 2011 at 10 AM.
For relevant documents, click here

06/04/2012
Summary of Q3 and Q4/2011

The turnover of $2,55m in Q3 was almost unchanged compared to last year at $2,59m. In Q4, the turnover of $5,6m ($2,4m) was significantly affected by the sale of certain assets to Julian International Holdings Inc, and the termination of our gaming business. The numbers for Q4 are henceforth not comparable to last year.

The company has experienced some challenges concerning timely payment of the consideration for the sale, and is evaluating the situation closely.

For additional information we refer to the quarterly financial statement.
Playsafe Holding Group – Q3/Q4 2011 financial statement (Norwegian only)

23/12/2011
Summary of Q1 and Q2/2011

The turnover fell to $2,24m (from $2,54) in Q1 and $2,09m ($2,3m) in Q2. Total turnover for the first half year was $4,33m ($4,84m) last year. This constitutes a reduction of 10,5% compared to last year. EBITDA for the period was $127,000 ($233,000) which is a reduction of 45% compared to last year. This is primarily due to increased spending on software development for the international poker market, and increased sales cost in the European market.

During the second quarter the company signed up a new entity to join the network, which during the course of Q3 has added new liquidity to the network.

For additional information we refer to the quarterly financial statement.
Playsafe Holding Group – Q1/Q2 2011 financial statement (Norwegian only)

15/12/2011
Playsafe Holding announce sale of its operating assets

Sandefjord, Norway 15th of December 2011: Playsafe Holding AS is pleased to announce the successful sale of its operating division to Julian International Holdings Ltd., a Seychelles corporation representing professional gaming investors.

The deal between Julian International Holdings Ltd and Ecom Enterprise NV, a fully owned daughter company of Playsafe, includes top tier poker brands like TigerGaming, PokerinCanada, and PayNoRake. The domains ActionPoker.com and ActionPokerNetwork.com were not part of the deal and will remain with Playsafe. The customers from the ActionPoker.com brand will be transferred during December to Julian’s own brands.

Julian International Holdings will upon conclusion of the deal assume all responsibility for player liabilities. The new network is named the Chico Poker Network, effective December 15th 2011. Final closing of the transaction will take place following Julian International Holdings’ successful licensing application process, with financial effect on October 17th 2010.

Press release - Playsafe Holding announce sale of its operating assets

23/6/2011
Documents for the Shareholder meeting released

The company has called for a shareholder meeting to be held at the Hotel Continental, June 30th 2011 at 9 AM. For relevant documents, click here

13/05/2011
Summary of Q4 and 2010

The turnover rose 77% in Q4 compared to same period last year, but dropped 7,5% from Q3/2010. Nevertheless; the company sustained a positive trend on net result and delivered an EBITDA of USD 306 000, up from -65,000 last year. We have continued to experience adverse effects from last year’s bankruptcy of FunWorld AG, at the time our biggest B2B customer, especially due to the continued strain this incident has put on our development resources trying to minimize these adverse effects. Consequently, our own development projects have been postponed. On the other hand, the company is now controlling a larger part of its value chain, and hope to see positive effects from this going forward.

For the year 2010, EBITDA ended at USD 0,6m compared to a loss of USD -2,3m for the same period last year. Net result after tax was USD -0,1m for 2010 compared to USD -3,1m for 2009. This significant improvement in performance is due to a combination of lower costs and increased revenue due to our intense focus on land-based activities.

Playsafe Holding Group - Q4 2010 financial statement (Norwegian only)

14/12/2010
Positive trend for Q3

Playsafe Holding shows 181% Q-on-Q growth in turnover to USD 2.59m for Q3/10. This resulted in a positive EBITDA of USD 0.52m for the quarter.

COGS also grew significantly compared same quarter last year, up from USD 0.79m to USD 1.98m primarily due to revenue share on landbased activities.

Despite the fact that Q3 is normally a slow quarter for online gaming, the company shows strong growth and better results compared to all preceding quarters in 2009 and 2010. The primary focus in the next few months will be to continue the growth in off- and online business activities as well as the launch of our new internet client early next year.

Playsafe Holding Group - Q3 financial statement (Norwegian only)

01/11/2010
69% Q-on-Q growth in turnover

Despite a healthy 69% growth in revenue compared to the same quarter in 2009 , Q2/10 was a difficult quarter due to increased COGS and the bankruptcy of Funworld AG, our largest customer.

Revenue fell by 10% compared to Q1/10, which is significantly better than the 29% drop during the same period last year. The second quarter is traditionally weaker than the first quarter due to seasonal variations. However, the companies’ focus on land-based terminals is believed to smooth out some of these seasonal effects, and hence a significantly reduced drop from Q1 to Q2 in 2010.

A 49% increase in COGS led to a consolidated loss of USD 90,000 for the quarter. The management will monitor the development in COGS and further rationalize the operation to ensure stability in revenue and profits.

“The company’s focus on internet based gaming terminals continues to show growth in Q2. The focus for the rest of the year is to reduce the COGS and increase revenue. The healthy 97% growth in online players on the Action Poker Network (from Sept. 2009) proves that the focus on alternative recruitment channels pays off. Our investments in the Latin-American market is not yielding the desired results and hence the management are looking at various strategic options for this venture”, says CEO Atle Bie Johansen.

Playsafe Holding Group - Q2 financial statement (Norwegian only)

24/08/2010
Playsafe Holding AS announces the launch of its first Action Poker Club

Sandefjord, Norway August 24th 2010: Ecom Enterprise N.V., a fully owned subsidiary of Playsafe Holding AS, announces today the launch of the first Action Poker Club in San Jose, Costa Rica.

The CEO of Action Poker Network, comments: “We are very pleased with the launch of our first franchise based on our new Action Poker Club concept. This new product within our B2B portfolio is very exciting and we foresee it quickly to become an important contributor to our Action Poker Network player liquidity and earnings.”

Ecom Enterprise N.V. is looking to launch further co-operations with new Action Poker Club franchisees during the course of this year 2010, creating a valuable revenue maker for the company.

ActionStation is a proprietary gaming product developed for the land based gaming market.

About Playsafe Holding AS Playsafe Holding As is an investment company primarily investing in online gaming ventures. Its daughter company Ecom Enterprise NV owns titles such as www.ActionPoker.com, www.TigerGaming.com and the new www.PayNoRake.com. The company is the first company within its sector to be listed on the Norwegian OTC market.

For more information, please contact:
Atle Johansen, CEO
Tel. (+47) 9056 8420

02/06/2010
88% revenue growth in Q1

Network turnover grows 88% from last quarter and by 37% compared to Q1 2009. Interim report for Q1 2010 available for download (Norwegian only).

For more information, please contact:
Atle Johansen, CEO
Tel. (+47) 9056 8420

19/03/2010
Q4 Report: Positive Trend in Q4

The group delivered positive results in Q4 09, for the first time since 2007. This came on the back of a series of cost cutting efforts undertaken in Q1, Q2 and Q3. The results of these cost cuts was partly delayed and subsequently only fully visible in Q4. Combined with the positive effects of the cost cutting exercises revenue also increased during second half of the year. The revenue in Q4 rose from USD 1.54m, from USD 0.9 in Q3.

During Q4 the land based initiatives of the group started to contribute positively to the total revenue of the group. These land based initiatives are expected to continue to influence the Q1 numbers positively.

The total group expenses are, after the final reorganization undertaken in Q4, reduced with approximately 50%, from USD 1.2m (Q1) to USD 0.6m (Q4).

Total revenue for the group was down USD 7m, from USD 12.7m to USD 5.7m. The financial result ended USD -2.7 before appreciation. EBITDA for 2009 ended USD -1.94m compared to USD -4m (2008). Total EBITDA improvement was 52% year over year despite the negative year end result.

The board has decided to make a final reorganization in Q1 2010. By organizing the operation in to 1 outsourcing centre further cost savings and operational synergies are expected. This will be undertaken in Q1 2010, with full financial impact from Q2 onwards.

For further details please refer to our official financial statement: http://otc.nfmf.no/public/news/11159.pdf (in Norwegian)

For more information, please contact:
Atle Johansen, CEO
Tel. (+47) 9056 8420

07/09/2009
Funworld ag and Playsafe Holding AS join forces

Joint press release from funworld ag (Lenzing, Austria) and Playsafe Holding AS (Sandefjord, Norway)

Austria/Norway, Sept. 7th 2009: Funworld ag and Playsafe Holding AS' daughter company, Ecom Enterprise NV, has entered into an extended strategic alliance to launch Internet based poker terminals in the international market. The two companies will officially launch the new product range on their invitational kick-off event 21st and 22nd of October in Munich.

Following several months of development and a successful completion of field testing of the new product, the two companies have reconfirmed their mutual commitment towards this strategic alliance. An extensive product range, from table-top solutions to dedicated terminals, rebuild kits for existing terminals as well as play-for-fun solutions will be offered to funworld's existing customer base as well as new customers.

"Both companies have invested significant time and resources in this project and we are pleased that the results are so promising", says Josef Öhlinger, CEO of funworld ag, who is happy to further extend the co-operation with the owners of the Action Poker Network.

"The timing of this product is right, and the performance during field testing has been exciting, so naturally we are excited about this venture with our excellent partner funworld", says Atle Johansen, CEO of Playsafe Holding AS.

The companies are aiming for sales of 100-150 terminals in the market by year-end and further expansion next year. The two companies will jointly exhibit the products at stand 4122 at the International Casino Exhibition 2010 in London on the 26th-28th of January next year.

Notes to editors:

About funworld ag
Funworld ag is a leading designer and manufacturer of Internet based terminals in Europe. The company has a worldwide distribution network that spans 46 countries and more than 160,000 terminals sold in 20 years. The company is widely known for its PHOTO PLAY brand as well as the touch2win betting terminals.

About Playsafe Holding AS
Playsafe Holding As is an investment company primarily investing in online gaming ventures. Its daughter company Ecom Enterprise NV owns titles such as www.ActionPoker.com, www.TigerGaming.com and the new www.PayNoRake.com.
The company is the first company within its sector to be listed on the Norwegian OTC market.

For more information, please contact: Josef Öhlinger (CEO of funworld ag), Tel. (+43) (0)7662/6785-0>br> or
Atle Johansen (CEO of Playsafe Holding AS), Tel. (+47) 9056 8420

26/08/2009
Positive trend for core business

Ecom Enterprise N.V., a fully owned subsidiary of Playsafe Holding AS and the operator of Action Poker Network, is pleased to announce a positive turn in income and "netcash" for August, compared to the reported figures prior to our Extraordinary General Meeting (EGM) on July 1st 2009. Projected income for August is on track to be back at levels before the negative development started earlier this year. Provided the positive trend continues we are projecting to be back at break-even on the operating business in August/September.

The most important activity contributing to the positive development is a strong focus on new campaigns and products for our playing customers. The number of active players has been increasing at the same time as our gross margin is improving. Furthermore we see positive effects from our cost-cutting activities.

As announced at our EGM on July 1st we are investing important resources in the development of dedicated internet based poker terminals to supplement our existing product range. The terminals have been under development for approximately 18 months and the first 10 were released for beta testing before the summer. The results so far are promising and we expect to sign an agreement for placement of the first 100 terminals shortly. Based on our beta testing results we expect to see significant income from Q4 onwards from terminals.

Our 2008 accounts are not yet audited, partly due to late completion of audits in daughter companies and holiday-season at our Norwegian auditing company. We aim to call the ordinary General Meeting within the next three weeks. In conjunction with audited numbers for 2008 we will also present results from first 6 months 2009 as well as further information on the entire business.

Sandefjord, Norway, August 26th, 2009

The Board of Directors in Playsafe Holding AS.

Notes to editors:
Playsafe Holding AS is a holding company specializing in investments in the online gaming industry. The company is the first company within its sector to be listed on the Norwegian OTC market (April 2006). Ecom Enterprise NV is a subsidiary of Playsafe Holding AS. Action Poker Network is an Ecom Enterprise NV product.

The company was formed based on the acquisition of internationally established gaming operations including www.actionpoker.com, www.tigergaming.com, and www.pokerincanada.com. The company has further strengthened its brand attributes and added new high profile brands like www.paynorake.com. The company has a strong senior management team with extensive industry experience, a substantial customer database and it will continue to grow through consolidation, player cross-over and further strategic acquisitions.

For more information, please contact:
John Afseth (COB) Tel: (+47) 92 20 18 50; or
Atle Johansen (CFO) Tel. (+47) 90 56 84 20

This press release is published electronically on the website of Norges Fondsmeglerforbund.

For older news press here

News

16/05/2013 Summary of Q1 2013

28/01/2013 Summary of Q4 and the financial year 2012

10/12/2012 Summary of Q3 2012

01/11/2012 Summary of Q1 and Q2/2012

03/07/2012 Documents for the Shareholder meeting released

06/04/2012 Summary of Q3 and Q4/2011

23/12/2011 Summary of Q1 and Q2/2011

15/12/2011 Playsafe Holding announce sale of its operating assets

23/6/2011 Documents for the Shareholder meeting released

13/05/2011 Summary of Q4 and 2010

14/12/2010 Positive trend for Q3

01/11/2010 69% Q-on-Q growth in turnover

24/08/2010 Playsafe Holding AS announces the launch of its first Action Poker Club

02/06/2010 88% revenue growth in Q1

19/03/2010 Q4 Report: Positive Trend in Q4

07/09/2009 Funworld ag and Playsafe Holding AS join forces

26/08/2009 Positive trend for core business

16/05/2013
Summary of Q1 2013

28/01/2013
Summary of Q4 and the financial year 2012

10/12/2012
Summary of Q3 2012

01/11/2012
Summary of Q1 and Q2/2012

03/07/2012
Documents for the Shareholder meeting released

06/04/2012
Summary of Q3 and Q4/2011

23/12/2011
Summary of Q1 and Q2/2011

15/12/2011
Playsafe Holding announce sale of its operating assets

23/6/2011
Documents for the Shareholder meeting released

13/05/2011
Summary of Q4 and 2010

14/12/2010
Positive trend for Q3

01/11/2010
69% Q-on-Q growth in turnover

24/08/2010
Playsafe Holding AS announces the launch of its first Action Poker Club

02/06/2010
88% revenue growth in Q1

19/03/2010
Q4 Report: Positive Trend in Q4

07/09/2009
Funworld ag and Playsafe Holding AS join forces

26/08/2009
Positive trend for core business