"Win Win Situation"Based in Las Vegas, Nevada, Win Win Gaming, Inc. (OTCBB symbol: WNWN) is a developer and provider of content and solutions for the lottery and wireless game industries with primary focus on Mainland China.
They also own and operate Win Win Wireless UK, which provides wireless broadband solutions that utilize cutting edge WiFi and WiMax technology. WiMax, the next generation of WiFi standard, was developed to provide reliable delivery of broadband services to previously unreachable markets and to promote deployment of broadband wireless networks by using a global standard. Win Win Wireless UK recently partnered with Cybermoor, an internet service (ISP) cooperative in Alston, United Kingdom, to extend Internet connectivity via broadband wireless service in the Alston area. The Alston project allows the Company to confirm its capabilities to deliver wireless broadband services to remote areas lacking standard DSL or cable service. Due to geographic and/or economic obstacles to DSL and cable in the UK and in numerous regions worldwide, Win Win sees tremendous opportunities for secure internet connectivity via broadband wireless in markets throughout the world.Pay by Touch Connection
In return for a $1 million dollar loan last September Win Win Gaming Agreed that:
We will provide reasonable selling support to assist in driving PBT’s biometric authentication and payment solutions into the Chinese Video Lottery Terminal (“VLT”) solution that is being prepared by local Chinese parties and potentially by us in the future, for rollout across China;
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We will provide potential networking contacts in China for the purpose of promoting PBT solutions into other applications beyond VLTs;
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We will support from our China management team for tactical and strategic guidance on PBT’s entry of its biometric technology into China; and
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We will provide physical and logistical support for PBT’s entry into China and US locations, such as Las Vegas.
SEC Filing of 10KSB - Filed April 17th 2005
1: 10KSB Annual Report -- Small Business HTML 849K
BUSINESS ACQUISITIONS AND JOINT VENTURE AGREEMENT
Pay By Touch Joint Venture and Note Payable
On September 30, 2005, we entered into a Joint Venture Agreement (the "Joint Venture Agreement") with Solidus Networks, Inc., d/b/a PayByTouch Solutions ("PBT") pursuant to which PBT loaned us one million dollars ($1,000,000) (the "Loan").
The Loan was secured by a pledge to PBT of a security interest in all of our assets (the “Security Agreement”), as well as a Promissory Note in favor of PBT evidencing the Loan (the "Note").
We were obligated under the Joint Venture Agreement to repay the Loan in full on October 14, 2005, at an interest rate of fifteen percent (15%) on all outstanding principal and at a rate of seventeen percent (17%) after default.
On January 17, 2006, the Company executed and delivered an Amended and Restated Secured Promissory Note (the “Amended and Restated Note”) to PBT which amends, restates and supersedes the Note.
The Amended and Restated Note (a) increases the principal amount to two and one-half million dollars ($2,500,000) (the “New Principal”), payable in full on March 31, 2006 (extended to April 30, 2006) (see Notes 1 and 9) and (b) changes the annual interest rate on all outstanding principal as of January 17, 2006, to eight percent (8%), and ten percent (10%) after default, if there is an event of default as defined.
However, the Company remains obligated to pay an annual interest rate of fifteen percent (15%) on one million dollars ($1,000,000) of the New Principal, for the period from September 30, 2005 through, but not including, January 17, 2006.
In addition, for a period of at least ninety (90) days, ending December 31, 2006 (the "Cooperation Term"), we will provide PBT with:
(a) reasonable selling support to assist in driving PBT's biometric authentication and payment solutions into the Chinese Video Lottery Terminal (“VLT”) solution that is being prepared by local Chinese parties and potentially by us in the future for rollout across China;
(b) potential networking contacts in China for the purpose of promoting PBT solutions into other applications beyond VLTs;
(c) support from our legal counsel for tactical and strategic guidance on PBT's entry of its biometric technology into China; and (d) physical and logistical support for PBT's entry into China.
Compare Win Win Gaming to Digital Chocolate. Watch for another development on the Pay by Touch/Win Win Situtation.
