Kenilworth Systems Corporation announces the signing of a memorandum of understanding to finish development of the company’s remote table wagering technology, which is forecast to bring substantial revenue to the New York-based company.
Under terms of the understanding, Kenilworth will license its patented table gaming intellectual property to WagerPort (UK) Ltd, in return for $1 million of convertible preferred stock of WagerPort Ltd plus a royalty of 20-percent of WagerPort gross revenue. The definitive license and royalty agreement is expected to complete in early November.
Dan Snyder, Kenilworth CEO, commented: “Independent analysis indicates that this license agreement alone can bring Kenilworth $300,000 in the first year of WagerPort operations, growing to $7-8 million by the third year, and increasing to over $40 million in five years.
Paul Francis, WagerPort Ltd Managing Director, remarked: “WagerPort Limited has the technical capability to move the Kenilworth technology to the operational stage and take it to the casino-operator market. We are pleased to partner with Kenilworth to complete this very significant project.”
“Significantly, Kenilworth has negotiated the right to acquire controlling interest in the common stock of WagerPort Limited to make the affiliate a wholly-owned subsidiary of the company,” added Snyder. “WagerPort as a subsidiary of Kenilworth is estimated to have net operating revenue [EBITA] forecast to approach $90 million in the 5th year of operations.”
Kenilworth Systems Corporation is in the late stages of developing a patented broadband based, highly secure, fully interactive, high-definition video system which allows a casino to offer live gaming, to its customers, in locations distant from the casino itself. The Company is based in Uniondale, New York and has a subsidiary, KenSysCo Gaming, Inc. in Las Vegas, Nevada.