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| Expands into High Potential Gaming Accessories Business |
HONG KONG, Oct 28, 2011 - (ACN Newswire) - Telefield International (Holdings) Limited ("Telefield", or the "Group"; stock code: 01143) is pleased to announce that it has entered into a Share Subscription Agreement with G.A.E.M.S., Inc. ("GAEMS") to acquire a 51% equity interest in GAEMS.
 | | Telefield Acquires an Electronic Gaming Accessories Developer in the US |
Pursuant to the Share Subscription Agreement, Telefield agrees to subscribe for the Subscription Shares at a subscription price of US$2,000,000 (equivalent to approximately HK$15,560,000), representing 51% of the enlarged issued share capital of GAEMS. Following the Share Subscription Agreement, both parties will enter into a Loan Agreement pursuant to which Telefield will lend GAEMS a three-year interest-bearing loan of US$3,000,000 (equivalent to approximately HK$23,340,000) at the interest rate of 2.5% per annum.
Mr Steve Cheng, Chairman of Telefield, said, "Considering the potential of global gaming accessories, particularly in the US and European markets, we believe our investment in GAEMS, a market innovator and product leader in gaming accessories, will facilitate Telefield's expansion in this high potential business. This initiative is in line with our strategy to tap niche markets with higher margins."
Incorporated in the State of Washington in the US, GAEMS is engaged in the design, development, trading, distribution and sale of electronic gaming accessories, providing products to both retail and commercial markets. In July this year, it launched its first registered proprietary product for mobile gaming - GAEMS G155, co-developed by GAEMS and Telefield, with all planned levels of inventories sold in the UK and US markets within the first month. Currently, GAEMS is in negotiations with several leading companies in the gaming industry by their request to provide official licensed products.
Mr Dean Mercier, Chief Executive Director and co-founder of GAEMS, said, "We are pleased to collaborate with Telefield and co-develop our innovative portable console case for mobile gaming - GAEMS G155. With strategic marketing and development already in place, we believe this product will continue to be well received by the market and acheive more encouraging sales."
"The acquisition of GAEMS will also enrich our brand portfolio, Telefield's competitive edge among its counterparts in electronic manufacturing services. In the future, we will continue to look for suitable investment opportunities in niche markets with promising margin prospects. With a satisfactory performance in our health electronics business, we are confident of the development in gaming accessories leveraging our strong R&D capability." Mr Cheng concluded.
About GAEMS G155
The portable console case is a self-contained mobile gaming device that allows users to play XBOX and PS3 games anywhere there is an electricity supply by simply storing a XBOX or PS3 in the console.
Product Features:
- Integrated 15.5" LED display with HDMI connection so users catch every detail of their favourite games and movies
- Integrated stereo speakers and dual 3.5 mm headphone jacks allow users to blast the sound all around or keep it to themselves
- Rugged case protects all gaming gear from minor impact
- Storage bags which hold controllers, power supplies, and other accessories while traveling
- Straps and fitted foam base hold the console firmly in place while also allowing for proper ventilation
Contact:
Strategic Financial Relations Limited
Vicky Lee +852 2864 4834 vicky.lee@sprg.com.hk
Cassie Ng +852 2864 4864 cassie.ng@sprg.com.hk
Carrie Wang +852 2114 4319 carrie.wang@sprg.com.hk
Fax +852 2527 1196
Website: www.sprg.com.hk
Topic: Merger & Acquisition
Source: Telefield International (Holdings) Limited
Sectors: Electronics, Daily Finance, eSports, Gaming
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From the Asia Corporate News Network
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