BITTNET SYSTEMS S.A. (hereinafter referred to as \u201cthe Company\u201d) announces the investors about successfully finalizing the negotiations for the investment in Equatorial Gaming , and signing the investment contract, according to the mandate given by the shareholder meeting decision no. 8 from 25 april 2018. The investment includes 2 stages:
\nIn first stage the Company will buy shares from existing shareholders in amount of RON
\n1,050,000 – for a participation of 24.9989% in Equatorial Gaming SA.
\nIn Stage 2, a convertible loan amount of RON 1,050,000 will be made over a 3-year time
\nperiod, with a fixed interest rate of 9% per year. According to the investment contract, the
\nconversion option remains with Bittnet. In case of exercising the option, the ownership of
\nBittnet in the Equatorial would reach 45%.
\nOver the next period Bittnet Management will focus on integrating the operations of the
\nfour companies in Bittnet Group.
\nEquatorial Gaming will dedicate the coming months to promoting the new version of its
\ngame, called VRunners, which was launched in June this year at the \u201cInternational
\nConference of e-Learning in the Workplace\u201d, held in the United States at the prestigious
\nColumbia University.<\/p>\n