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Yellow Point Places Bet on Flush
Vancouver, B.C. April 27, 2006 – Yellow Point Equity
Partners LP (“Yellow Point”) is pleased to announce the closing
of its investment in online gaming company, Flush LP. (“Flush”).
Yellow Point structured, led and, together with its affiliates, subscribed for
the majority of the $12.5 million convertible preferred share offering. Proceeds
of the financing will be used to fund the Company’s continued rapid growth,
including the introduction of new products and expansion into new geographic
markets.
The Company owns and operates one of the world’s leading online gaming
platforms. The site provides a scaleable internet-based network for its over
one million users to play free or real money poker on a peer to peer real-time
basis. Online poker is the fastest growing segment of the global gaming business,
with growth of 115% in 2005 to over $2.5 billion.
“This is an exciting time for our business. With the recent successful
launch of blackjack and the completion of this financing, the Company is poised
to solidify its position as one of the top ten online poker platforms worldwide”
commented the Company’s CEO. “We are extremely pleased to be working
with Yellow Point; their operational and financial expertise will be invaluable
in helping us take the Company to the next level.”
“We have been very impressed with the senior management team’s
vision, integrity and ability to execute.” said David Chapman, Managing
Partner of Yellow Point. “They have built a very good business, one with
a leading brand, favourable market position and considerable scalability. We
are looking forward to great things from our partnership with Flush.”
About Flush
The Company operates one of the leading online poker networks worldwide, offering
access to multi-player online games 24 hours a day, seven days a week. To date,
it has dealt nearly 400 million hands, run more than a million poker tournaments
and awarded over US$125 million in prize money. Powered by proprietary software,
it has one of the most comprehensive interactive online poker rooms, providing
a broad product offering, innovative features, superior customer support and
a safe, secure interface.
About Yellow Point
Yellow Point Equity Partners is a private equity investment firm with significant
operating and investment experience. It invests in outstanding management teams
of later stage growth companies based primarily in western Canada and aims to
be the long-term partner of choice for Canada’s leading mid-sized companies.
For more information, please contact David Chapman or Brian Begert, or visit
our website at www.ypoint.ca
Yellow Point Equity Partners LP
Suite 1700 – 1055 West Georgia Street
Vancouver, B.C. V6E 3P3
tel 604 659 1750
fax 604 659 1899
David Chapman
Managing Partner dchapman@ypoint.ca
604 659 1894 |
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Brian Begert
Managing Partner
bbegert@ypoint.ca
604 659 1892 |
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