Troubled online gambling company Dynasty Gaming has announced the resignation of two key directors, Drs. Dominic Chan and Yat-sang Kwong, with immediate effect. In a brusque statement chief executive Albert Barbusci said: “Dr. Chan and Dr. Kwong resigned for personal reasons. Both had recently joined our Board and we thank them for their services over the past few difficult months and wish them the very best for the future.”
The “difficult” period referred to by Barbusci refers in part to the announcement by Toronto-listed Dynasty last month that “….due to the serious problems affecting the worldwide financial markets, it has been unsuccessful in completing the proposed private placement of $30 million US, which was the remaining pre-condition to finalizing the acquisition of Silva Ford Technology Limited and BaiYou Digital Technology Company Limited. The full details of this proposed acquisition, which was deemed to be a Reverse Take-Over (“RTO”) in accordance with the policies of the TSX Venture Exchange, were announced in a press release dated August 27, 2008.
“As a consequence of the global financial crises and limited availability of equity capital, Dynasty has been unable to achieve the necessary financing and must pursue alternative structures and funding resources.
“The RTO transaction as originally configured and approved by the shareholders at the Annual and Special Meeting of Shareholders held in Montreal on September 24, 2008, is now obsolete. However, it is Dynasty’s intention to continue to pursue this strategy by leveraging its relationship with Dr. Wilson Cho, principal behind both BaiYou HK and Silva Ford, and its principal asset, the Game Distribution and Online Operation License Agreement it has with Sega Corporation. Dynasty still intends to capitalize on the significant strategic opportunities and economic benefits associated with a more comprehensive e-commerce distribution strategy in the PRC.”
Dynasty is a Montreal-based corporation the principal business of which is to acquire and manage operating companies that can make a significant contribution to the development of Internet-based services. The remaining directors are Barbusci, Kiyoshi Eguchi, Joseph Lau and Robert Lupacchino (Chief Financial Officer).