AskMeNow Moves Into Gambling Via Acquisition

AskMeNow has announced plans to buy Karrell, the holding company for a fully licensed Australian wagering services company, Capital Play. It provides access to North American pari-mutuel horse racing pools for its customers and advised AskMeNow that it generated more than $110 million in horse racing wagers in 2005. The acquisition will enable mobile users to place real-time wagers via their mobile phones through the AskMeNow service anywhere it is legally permissible.
The price paid for the acquisition was 20 million restricted common shares of Ocean West Holding Corporation (which owns AskMeNow) and a capital contribution of $4 million dollars to be used primarily for product development, marketing and accounts receivable financing.
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