AGTech buys Score Value for $63.12m

AGTech Holdings said it has paid HK$489.5 million (US$63.12 million) to buy research and development company Score Value, positioning itself for potential growth in China’s mobile lottery market.
Score Value is also involved in quality assurance and the sale of handheld lottery sale equipment, as well as the design of lottery games and system development.
John Sun, chairman and CEO of AGTech said in a statement to the Hong Kong Stock Exchange that the purchase was a "major milestone" for the company.
"As well as strengthening our hardware business, this acquisition promises to position us as a first-mover in the hugely exciting mobile smartphone lottery system and content supply market in China," Sun said.
Under the terms of the purchase, there was an initial consideration of HK$189.5 million and a deferred payment of HK$300 million. AGTech said, after allowing for adjustments, the net total payment is HK$437 million.
Score Value currently supplies more than 20 provinces, municipalities, and autonomous regions in China with lottery equipment. It is presently seeking clearance from the relevant authorities in China for the system and content to be made accessible via mobile smart phones.
Hong Kong-listed AGTech is largely focused on gaming technologies - including game software, systems, hardware and terminals and providing integrated lottery services in China and elsewhere.