Tag Archives: winit365

January 12 2024

WINIT365 (“WINIT365”) the gaming software provider and developer of the world’s first online, multi- player multi-platform Mahjong game, is pleased to provide the statement from today’s Annual General Meeting (“AGM”).

Business update

At the beginning of 2023, WINIT365 conducted a test launch of its Mahjong Game which indicated that the game was functionally efficient, played well and was popular with users despite only being available over a small number of platforms.  Due to licence restrictions and with the game being hosted on third party platforms, WINIT365 was not able to benefit from any revenues generated from the test launch but the data produced indicated that the game has all the hallmarks of a potential commercial success.

Throughout 2023 the Company raised some £174,000 of new capital in small amounts over the year. These funds, whilst welcome, were sufficient only to cover the base operational costs of the business as they arose.

In order to be able to generate revenues from the game, WINIT365 needs to purchase, install and commission its own servers for game play.  The minimum cost of putting this in place is estimated to be around £200,000.  Despite the Board’s best efforts, the challenging funding environment that has existed since the pandemic has to date frustrated our efforts to raise sufficient funds to acquire the servers, and ultimately prevented the completion of an IPO in 2023.

Roadmap to IPO

The Company is therefore currently trying to raise between £250,000 and £500,000 as a lump sum in order to launch the Mahjong Game and commence revenue generation.  Whilst the Board believes that it will be possible to realise its plans with funding at the lower end of the target, any funds raised over the minimum will provide additional opportunities to accelerate progress.

It is estimated that the servers can be acquired, installed and commissioned within six weeks of raising the required funding.  As soon as the game is operational again, the Company will monitor player statistics and income generated.  Such data will be vital to demonstrate that the business is suitable for listing on an appropriate exchange and it is expected that sufficient data can be collated within two months of launch in order to move to the next stage.  As soon as management can demonstrate that the game can be a commercial success, the Board will formally approach an exchange and commence the listing process.

Each of these stages must be competed in turn.  The Board is fully committed to an IPO for WINIT365 but this can only be achieved by taking each step as detailed above.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Notes to editors;

Mahjong is a traditional Asian table game which is still largely played physically between four players and is the national game in China. It is estimated that there are 700 million players worldwide, making it 5 times the size of the global poker market.  Mahjong has a long and venerable history with roots from the early Ming Dynasty and has continuously developed from its’ origins in Chinese dominoes in 1120 A.D. The current form of the game originated in the early 19^th Century and is considered to be the world’s largest gambling game. WINIT365 now offers the only HTML5 based Mahjong game available where players can play online for real money.

The primary market for WINIT365 is Asia given that Mahjong and its territorial variations are broadly played throughout the region (particularly in Eastern and SE Asia) and are now embedded in Asian culture. There is also considerable scope for growth across Western nations and in other parts of the world.

It is anticipated that WINIT365’s technical expertise and deep understanding of the market will provide a unique and exciting opportunity for the current and next generation of Mahjong players, added to which the WINIT365 UK payments wallet will provide a unique competitive advantage for a UK company in the Asian market.

Notice is given that the annual general meeting of the members of the Company will be held at 16 Great Queen Street, London WC2B 5DG, England at 1000 hrs (GMT) on 12 January 2024 for the purpose of considering, and, if thought fit, pass the following resolutions.

Resolutions 1 to 4 will be proposed as ordinary resolutions and resolution 5 will be proposed as a special resolution.

Ordinary Resolutions

1. To receive the accounts and reports for the financial period ended 31 December 2022.
2. To re-elect Mike Hirschfield, who is retiring by rotation, as a director of the Company.
3. To reappoint Grant Thornton UK LLP as auditors of the Company and to authorise the directors to fix their remuneration.
4. That, in accordance with section 551 Companies Act 2006 (CA 2006), the directors of the Company are generally and unconditionally authorised, in addition to any previous authorities, which shall continue to apply, to allot Relevant Securities (as defined in this resolution) comprising equity securities (as defined in section 560 CA 2006) up to an aggregate nominal amount of €50,000 (fifty thousand Euros), such authority, unless previously revoked or varied by the Company in general meeting, to expire on 31 December 2020 or, if earlier, the date of the Company’s next annual general meeting, except that the directors of the Company may allot relevant securities pursuant to an offer or agreement made before the expiry of the authority. In this notice, Relevant Securities means any shares in the capital of the Company and the grant of any right to subscribe for, or convert any security into, shares in the capital of the Company.

   Special Resolution

5. That, under section 570 CA 2006, the directors of the Company are authorised, in addition to any previous authorities, which shall continue to apply, to allot equity securities, as defined in section 560 CA 2006, wholly for cash for the period commencing on the date of this resolution and expiring on the date of the Company’s next annual general meeting, as if section 561 CA 2006 did not apply to such allotment, except that the directors of the Company may allot relevant securities following an offer or agreement made before the expiry of the authority and provided that the authority is limited to:

   5.1 the allotment of equity securities in connection with a rights issue in favour of ordinary shareholders where their holdings are proportionate, as nearly as possible, to the respective number of ordinary shares held, or deemed to be held, by them, but subject to any exclusions or arrangements the directors think necessary or expedient for the purpose of dealing with fractional entitlements or legal or practical problems under the laws of any territory or the requirements of any recognised regulatory body or stock exchange in any territory; and
   5.2 the allotment of equity securities, otherwise than in accordance with paragraph 5.1, up to a maximum nominal value of €50,000 (fifty thousand Euros).

   By order of the board

Click here to view the Annual Report and Financial Statements for the Year Ending 31 December 2022.