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AGTech Holdings Announces Third Quarterly Results for the Nine Months Ended September 30

Niji Narayan

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AGTech Holdings Announces Third Quarterly Results for the Nine Months Ended September 30
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AGTech Holdings has announced the third quarterly results for the nine months ended September 30, 2019.

Revenue of the Group for the nine-month period amounted to approximately HK$118.1 million representing a decrease of approximately 8.9% over the corresponding period in 2018. Revenue contributions were mainly derived from lottery hardware, lottery games and systems, provision of lottery distribution and ancillary services, games and entertainment business in the PRC.

The decrease in revenue for the nine-month period was primarily caused by the decrease in sales of lottery hardware of approximately HK$14.5 million. The decreases in revenue were partially offset by an increase of approximately HK$6.1 million in revenue from the lottery games and systems.

John Sun, Chairman and CEO of AGTech said: “We are pleased to announce that the Group continued to capitalize on many core business opportunities in the lottery and games & entertainment sectors, providing innovative and high-quality products and services to the industry, and continue to establish the foundation for future growth opportunities.”

“During the Nine-Month Period, the Group won eleven lottery hardware tenders to supply lottery terminals to the SLACs in Tianjin, Hainan, Guangxi, Guizhou, Anhui, Beijing, Guandong, Jiangsu, Heilongjiang, Zhejiang of the PRC. This demonstrates the Group’s continued industry leading position and commitment in China’s lottery hardware market.”

“The Group will continue to leverage and explore on collaboration with Alibaba Group’s retail ecosystem to enhance on lottery distribution models where appropriate. Current retail networks include Lingshoutong, Alibaba’s mom-and-pop convenience stores, rural Taobao, the physical network of rural locations in China, and Cainiao Post, community-based pick-up drop-off physical stations. We believe that the integration of lottery services and products through Alibaba’s physical new retail distribution channel and networks under new retail strategy will continue to create opportunities in the future.”

“Paytm First Games (formerly known as ‘Gamepind’), a mobile games and entertainment platform of the joint venture of the Group with One97 Communications Limited in India, launched a dedicated cricket channel in March and fantasy cricket in May. The Group expects that Paytm First Games will continue to build its user base, paving the way to monetize this unique platform, thus capitalizing on the significant potential of the fast growing mobile entertainment market in India.”

“With regards to our investment relating to the formation of Ant Bank (Macao) Limited (formerly known as ‘Xinghui Bank Limited’), the Group’s increase in share capital contribution to the JV Company demonstrates our commitment to grow the business and pursue further development opportunities in Macau and overseas.”

Asia

FBM Looks Back on G2E Asia @ the Philippines

Niji Narayan

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FBM Looks Back on G2E Asia @ the Philippines
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FBM has attended the first edition of G2E Asia @ the Philippines as the title sponsor.

As a leader in video bingo, the brand came to the show to present its amazing new video bingo machine Galaxy. The machine offers high-class components with a fine design and outstanding performances that have been hailed by the public. The machine was showcased with the new generation of FBM famous games such as Bingo-Go and Rubingo, composing the new Progressive Series.

The new Galaxy Machine was nominated for the G2E Asia @ the Philippines Product Awards as the Best Bingo Solution of the year, a prize that FBM won with great pleasure.

“We would like to thank everyone who has voted on the FBM product. It was a great satisfaction for all of us. I extend our thanks to all the associations involved in this award: G2E, AGA, and PAGCOR, as well as to all the excellent professionals who were part of the new Galaxy project. The new Galaxy is a breakthrough in the bingo industry and will surely have a prosperous future in the market,” Renato Almeida, FBM executive said.

A new version of the famous PHANTOM machine was also presented. A redesigned model of the most popular bingo machine in the Philippines that incorporates one more monitor, bringing extra interaction and dynamism to players.

Easy$Link, the first linked spin reel games of the brand has been a hit ever since its release earlier this year. “FBM’s Spin Reel line was one of the biggest news for FBM in 2019, and even more is about to come,” Almeida said.

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Asia

Philippine Police Reports 42 Casino or POGO Related Kidnappings This Year

Niji Narayan

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Philippine Police Reports 42 Casino or POGO Related Kidnappings This Year
Photo Source: canadianinquirer.net
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Anti-Kidnapping Group of the Philippine National Police has reported 42 cases of kidnapping related either to casinos or POGOs in the first 11 months of 2019.

The kidnappings, which primarily involved Chinese nationals, included 36 casino-related crimes and six linked with POGOs. Of those, 21 cases have been solved with 21 people rescued, while 58 suspects have been arrested. Instances of casino-related kidnappings appear to have slowed in the two months.

Tourism Secretary Bernadette Romulo-Puyat issued a statement that aimed at reassuring tourists that the Philippines is safe to visit.

“It’s very much (safe). We will not promote a place where we know it’s not safe. Why? If something happens to even a single tourist, it destroys the whole Philippines. We’re not only in touch with the PNP but also the Armed Forces of the Philippines and the local government units. It is to our advantage to make sure that the tourists are safe so that when they come to a particular destination, they’re assured nothing bad will happen to them, that they are safe and secure,” she said.

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Asia

AGTech Entered into Cooperation Framework Agreement with Alibaba Group

George Miller

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AGTech Entered into Cooperation Framework Agreement with Alibaba Group
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AGTech Holdings Limited announced that its wholly-owned subsidiary, Beijing GOT Technology Co., Ltd entered into the Alibaba Cooperation Framework Agreement with Alibaba China.

According to the agreement, AGTech may provide equipment and maintenance services to Alibaba through open bidding and commercial negotiations. Such equipment include, but not limited to, point-of-sales (POS) terminals and face recognition payment equipment, which may be applied to offline retail sales and lottery sales.

The Group’s lottery hardware business has been a critical component of the Group’s business. The Group supplies the Sports Lottery and the Welfare Lottery and has lottery hardware deployed in multiple provinces, cities and municipalities across the PRC, making the Group one of the leading manufacturers and suppliers of lottery terminals and other hardware in the PRC. In 2018, the Group won 19 lottery hardware tenders, accounting for over 41% of the overall Sports Lottery terminal tenders in the PRC during the same period, calculated by the number of terminals tendered. The Group did especially well in new Android sports lottery terminals tenders in the PRC, winning over 67% of such tenders in 2018, calculated by the number of terminals in such tenders.

The Group believes that Alibaba Group’s new retail initiatives present a great opportunity for the further development of the Group’s lottery hardware business. New retail represents the convergence of online and offline retail by leveraging digitalised operating systems, in-store technology, supply chain systems, consumer insights and the mobile ecosystem to provide a seamless shopping experience for consumers.. In particular, new retail initiatives require the supply of an enormous amount of hardware supplies, such as POS terminals, and payment and settlement devices. Many of these hardware supplies share similar designs, technologies and components that underlie the lottery hardware products supplied by the Group throughout the years.

The Group has been collaborating with Alibaba Group’s retail ecosystem including Lingshoutong to enhance on lottery distribution models. Through Alibaba Group’s physical new retail distribution channel and networks, supplying the relevant hardware products in relation to Alibaba Group’s new retail initiatives is able to bring lottery opportunities and resources to more customers, therefore presents direct opportunities for the further development of the Group’s domain expertise of lottery technology and services.

 

Source: AGTech Holdings Limited

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