| Posted by: Jetset at July 3, 2001, 10:06 pm | | Topic: Tropika's chutzpa Forum: Winner Online |
As I said earlier - there's a lot of BS coming out of Toronto at present! It is perhaps to everyone's advantage that these folks are out of the online gambling industry.
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| Posted by: chipster96 at July 3, 2001, 10:22 am | | Topic: Tropika's chutzpa Forum: Winner Online |
Spear, here's the whole PR. I received it as an email.
From: ""Tropika International""<postmaster@tropika.com>
To: "" ""<>
Subject: Repositioning Of Organization Creates Clear Focus
Date sent: Sun, 01 Jul 2001 20:39:55 -0400
Placement Addresses Working Capital Requirements
TORONTO, Canada - June 27, 2001 - John Ashbee, Chairman and CEO of Tropika
International Limited, today announced the implementation of a strategic
repositioning and corporate branding program as a result of significant business
changes within its investments and subsidiaries.
Simultaneously, working capital needs are expected to be resolved with today’s
announcement of a private placement resulting in the issuance of up to
10,000,000 common shares of the company at a price of $0.05 per share resulting
in up to $500,000 in cash. The company has applied to CDNX for approval of this
arms length placement and ... | | Read Entire Entry |
| Posted by: Jetset at July 3, 2001, 9:12 am | | Topic: Tropika's chutzpa Forum: Winner Online |
There is an unbelievable amount of BS emanating from Toronto right now - blame everyone except the people who were in charge seems to be the line!
I'm actually surprised that Microgaming has not done something about these reckless and dubious implications being made against them.
It looks as if Tropika/Itecx whatever is still short of cash - they are trying to swing a private placement at more than the stock is currently worth and with 10 million shares, which represents a significant dilution to an already over-extended stock.
I was reading their investor board today and those investors of theirs are STILL deluding themselves that Tropika or it's new reincarnation Itecx can make money providing services to other casinos.
I can't see any sensible casino operator who had done his due diligence wanting to hire an outfit which has emerged from the Tropika/APS fiasco with such a thoroughly ruinous reputation.
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| Posted by: Got2Bet at July 3, 2001, 9:04 am | | Topic: Tropika's chutzpa Forum: Winner Online |
Quote:
"The final straw came when the company’s relationship with the OPA was destroyed based upon its decision to follow Microgamings adamant demands that no money be paid directly to the OPA. Tropika had already made a commitment to the OPA but rescinded that on the premise that Microgaming was in a control position and they were expected to support the decision.”
Chipster, where did this come from? I don't remember seeing that in the copy of the press release I saw... perhaps it was an early ersion that had to be toned down later?
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Spearmaster
Got2Bet - Online Gambling News and Information
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| Posted by: chipster96 at July 3, 2001, 8:21 am | | Topic: Tropika's chutzpa Forum: Winner Online |
From Tropika's news release explaining they had shut down their ecasinos:
"Random Number Generator discrepancies (the software determining house margins supplied by Microgaming) and legal issues within the North American marketplace are becoming too uncertain."
Translation: Microgaming's software was too fair to the players, it did not give the house enough edge to make money (at least not by Tropika).
"The final straw came when the company’s relationship with the OPA was destroyed based upon its decision to follow Microgamings adamant demands that no money be paid directly to the OPA. Tropika had already made a commitment to the OPA but rescinded that on the premise that Microgaming was in a control position and they were expected to support the decision.”
Translation: Microgaming refused to let Tropika pay its players. Now there's a bold claim! Another wild claim is that Microgaming did not pull the plug, Tropika closed the casinos on its own. Yea r... | | Read Entire Entry |
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