Business
HeadsUp Completes Corporate Milestone in Acquisition of Spinola Gaming
HeadsUp Completes Corporate Milestone in Acquisition of Spinola Gaming.
About this update from Headsup Entertainment International, Inc.
[{"type":"text","content":"\n\n\n\nHeadsUp Completes Corporate Milestone in Acquisition of Spinola Gaming\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nHeadsUp Completes Corporate Milestone in Acquisition of Spinola Gaming\nPR Newswire\nCALGARY, AB, Aug. 16, 2022\n\n\n\nCALGARY, AB, Aug. 16, 2022 /PRNewswire/ - HeadsUp Entertainment International Inc. (OTCPINK: HDUP) has now completed a major milestone in the acquisition of Spinola Gaming, a leading Global Lottery software provider.\nThis step in the acquisition process of Spinola has now been completed with the buyout of all previous 3rd party shareholdings of the group of Spinola companies. This step now allows for HeadsUp to complete and finalize definitive agreements for the full acquisition of Spinola and its related companies. The buyout of these shares was imperative for HeadsUp to acquire 100% of the company and its assets which includes Licenses to operate across various European, Latin America and other regulated markets.\nThe full acquisition of Spinola and its related assets is an integral part of HeadsUp's global strategy across the Charity, Lottery and Gaming space and the takeover of Spinola will not only enable it to expand into new global markets but also execute on its existing strategies with its full range of Lottery, Instant Win and charitable fundraising solutions.\nIndependent valuations completed by HeadsUp concluded that the value of the agreements currently in place have the potential to generate more than $150m in revenues with further room to expand on this with new contracts currently in negotiations. The value of the Spinola acquisition is substantial with management of HeadsUp engaging 2 independent valuations during the Due Diligence process that came in at $65M and $72M USD.\nSpinola's current contracts span from Key market operations in Colombia, Peru, Brazil and other Latin American markets These regions represent the strongest growth for lotteries and one of the biggest opportunities for Spinola/HeadsUp. In addition to Latin America, Spinola has new Projects scheduled for Release in Q4 2022 in 6 African Nation...