A change of control has occurred at Internet company Oxbridge Online, which has had to issue 800 million new shares to acquire The Internet Lottery and Internet Bingo from The Internet Gaming Corporation.
World Wide Patent & Design Consultants has also acquired at least 43.8 million shares in Oxbridge Online, which is to change its name to Electronic Lottery Services.
The deals will see a change of control at Oxbridge, which is to reconstitute its board accordingly, with The Internet Gaming Corporation`s Kenneth Metcalf assuming the role of MD.
CEO David Cattell and other directors have agreed to resign from the board with immediate effect. He could not be reached for comment this morning.
The company is also to issue an additional 12.5 million shares for cash to rescue the company and prevent the liquidation of Oxbridge.
World Wide Patent & Design Consultants has the option to acquire about 38.84 million shares from Oxbridge Development over 24 months at not less than 2c per Oxbridge share.
The deal is conditional upon the granting of an additional 22.78 million Oxbridge shares "from a certain third-party".
World Wide is negotiating the right to acquire 50% of those shares from the "third-party" at 2c a share.
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