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DJ Ganapati plc Trading Update

 
TIDMGANP 
 
6 July 2018 
 
                                 Ganapati Plc 
                         ("Ganapati" or "the Company") 
 
                                Trading Update 
 
  * Ganapati to launch new Block Chain enabled casino games; 
 
  * Games to be developed through new subsidiary company GanaEight Coin 
    Limited; and 
 
  * Announcement of intention to issue a Utility Token ("ICO") G8C 
 
The Directors of Ganapati are delighted to announce their involvement into a 
new area of the casino games market that will fuse existing Japanese content 
casino games with Block Chain technology. 
 
Background 
 
This operation will be carried out in a new company called GanaEight Coin 
Limited ("GanaEight Coin"), a company to be incorporated in Malta. GanaEight 
Coin will build on the Company's existing casino game design experience, where 
they have received several gaming awards over the past two years. 
 
The Directors believe that a new opportunity has emerged where blockchain and 
online casino gaming will unlock economic value. The underlying infrastructure 
of blockchain technology will enable the Company to enter the blockchain 
industry as an online casino game development company. The world-wide value of 
the online casino markets exceeded EUR40.7 billion in 2017 and is expected to 
grow at a rate of 10% annually. As of June 2018, the cryptocurrency market had 
a volume of US$400 billion. The Directors believe that the integration of 
blockchain technology and online casino gaming will enable GanaEight Coin to 
capture part of this market. 
 
Group Structure 
 
GanaEight Coin will be a wholly owned subsidiary of Ganapati Malta Holding 
Limited which is wholly owned by Ganapati Plc. The directors representing 
Ganapati will be Mr Toshitaka Nakajima and Mr Hayato Terai. 
 
Utility Token 
 
G8C will issue its Utility Token called G eight C through an Initial Coin Offer 
("ICO"). The cost involved in the G8C ICO are expected to be around ¥10 million 
approximately (GBP70,000).  Additional expenses will be taken from the ICO raise. 
 
The White Paper for the G8C is expected to be released in Q3 and the pre-sales 
of the G8C token are expected to commence in Q4 2018. 
 
Acquisition 
 
On the 6 July 2018, Ganapati completed the purchase of One Tusked Interactive 
Studio N.V, LLC ("OTIS"), a company incorporate in Curacao. The purchase price 
of the company is ¥10 million approximately (GBP70,000) payable in cash. 
 
OTIS was established in December 2017, and has been granted a gaming licence in 
Curacao. OTIS has the function of an aggregator and is currently providing 
games for Ganapati. It has contracts with three online gaming operators for the 
supply of online games and support of online gaming software.  The Director's 
intend to change its name to "Ganapati Curacao Limited". 
 
New Office 
 
Ganapati has growing connections in key Asian markets and is proposing to open 
an office in Taiwan to supply and support the Company's online gaming business 
as it seeks to expand Asian markets. The Company plans to recruit suitable 
staff which will operate a 24/7 customer support service. The Taiwan operations 
will be managed by Mr Lichun Hsiaowho. Lichun is an experienced leader in the 
online gaming industry and has launched several Asian based offices in the 
online gaming sector. His experience and expertise will contribute to 
generating sales to Ganapati's online gaming products. 
 
Further information will be provided for shareholders as the project develops. 
 
Neither this announcement nor the information contained herein constitutes an 
offer or solicitation by Ganapati Plc for the purchase or sale of any 
securities, nor does it constitute a solicitation to any person in any 
jurisdiction where solicitation would be unlawful. 
 
The Directors of Ganapati Plc accept responsibility for this announcement 
 
CORPORATE ADVISER AND CONTACT DETAILS: 
 
Ganapati Plc 
Tony Drury 
Chairman 
Telephone: 07973 737284 
 
NEX EXCHANGE CORPORATE ADVISER: 
Alexander David Securities Limited 
David Scott - Corporate Finance 
James Dewhurst - Corporate Broking 
Telephone: +44 (0) 20 7448 9820 
http://www.ad-securities.com 
 
 
 
END 
 

(END) Dow Jones Newswires

July 06, 2018 11:04 ET (15:04 GMT)