This week, Playwize, the parent company of online poker room Pokerwize, has announced that the company has “ceased all trading operations and made all of its employees redundant,” according to a press released issued to the London Stock Exchange. In July, the company announced that it was temporarily suspending shares of its stock, which are traded under the symbol “PLW.”
It has been a long last three months for Playwize. Its July statement read, “The board of Playwize, the AIM quoted developer of software for the entertainment industry, announces that has requested a temporary suspension of trading in its shares on AIM pending clarification of its current financial position.” The recent move was due to sub-par “trading results and the substantial losses incurred as a result.”
The move comes shortly after the announcement that Duplicate Poker and Fleet Street Games would both close their doors, although it’s unclear at the time of writing what the future of Playwize’s online poker room will be.
The statement revealed that Playwize “has decided to seek shareholder approval for the sale of the proprietary software technology and other assets owned by the Company… Its subsidiaries and contracts have been signed for the sale of these assets.” The company is looking actively for a buyer and pledges a further update when more news develops on this front.
Pokerwize has been one of the leaders in 3-D poker technology. A $175,000 Guaranteed tournament runs every Sunday as part of the site’s Microgaming Network offering. The buy-in is $65 and it kicks off at 19:00 London time. A $30,000 guaranteed prize pool tournament occurs each Monday through Friday at 19:30 London time. That event has a buy-in of $27.50. A unique $12,000 Guarantee, six-handed tournament kicks off every day, Monday through Friday, at 23:30 London time. Six-handed events have become a staple of daily and weekly guarantee tournaments across many major online poker rooms. Microgaming recently announced that it was blocking users from 13 U.S. states, including the newest one, Kentucky.
Features of the site’s software include a buddy list, draw percentages, pre-flop hand rankings, and advice. After its software sale, the company expects to have ₤40,000 in cash in the bank. According to its London Stock Exchange release, “This amount is subject to the debenture in favor of the Headstart funds given by the Company as security for the £700,000 of convertible loan notes issued by the Company to Headstart, which are outstanding and have accrued interest of a further £25,000 to date.” A reverse takeover may also be in the offing.
Fleet Street Games was the most recent online poker room to cease operations. Customers have until next Friday, October 31st to play on the site. Cashout requests must be submitted by the end of November. Duplicate Poker and Chan Poker, which was backed by 10-time World Series of Poker bracelet winner Johnny Chan, have also closed their doors in recent months.
John Corre is the Non-Executive Chairman and Non-Executive Finance Director of Playwize. Foo Katan is the company’s Managing Director and Chief Executive Officer. Its fleet of casino games includes Constantine, Rogue Ops, Die Hard Vendetta, and Warlocked.
