Bayview Technologies Inc.
Company Profile:
Bayview Technologies Inc. is a leading online and land-based gaming company in Asia.
As a subsidiary of AsianLogic Limited (ALL), Bayview locally employs 125 people
and operates from the Philippines. It is also a subsidiary of Hong Kong-based ESL and
provides the group with IT support and product development services.
Bayview holds licenses from leading gaming jurisdictions around the world including
Alderney and Curacao. In the Philippines, it holds a license from the Cagayan
Economic Zone Authority (CEZA) and works in compliance with local gaming
regulator, the Philippine Amusement and Gaming Corporation (PAGCOR).
Utilizing state-of-the-art technology and software, Bayview is at the technical forefront
of the online and land-based gaming industry. With its office in the Makati Central
Business District, Bayview stands tall and proud with other dynamic IT companies
providing stability, professional growth, rewarding careers and advancement to its
employees.
AsianLogic Limited:
Asian Gaming Solutions
AsianLogic Limited (ALL) is an active participant in the online and land-based
gambling industry with a particular focus on the Asia Pacific markets. The Group was
established in 2002 by a number of investment and gambling professionals who
recognised the potential of online and interactive gambling in the Asia Pacific Region,
and now employs over 300 people in the Region.
The ALL Group is involved in the development, operation, management and/or
marketing of online casinos, online poker, multiplayer P2P and Asian Games, online
and land-based sportsbetting, including live videostream casino gaming across the
Region. The Group maintains online gambling licences in Alderney, the Philippines
(through CEZA) and Curacao and works in compliance with PAGCOR regulations in
the Philippines land-based gambling market.
The ALL Group currently owns and operates eight online casino brands and two online
poker rooms utilising industry-leading software. The ALL Group has been at the
forefront of developing the live videostream casino gaming concept for use with online
casinos since establishing live videostream casino operations for Playtech, which it
continues to co-manage. The Group also acts as a distributor/reseller for Playtech in the
Region and as part of these activities it also assists with business development, product
customisation and localisation for Asian markets.
The ALL Group operates land-based sports betting outlets in the Philippines under its
‘MegaSportsWorld’ brand, and also offers online sports betting services.
As a consequence of its activities and network in the Region, the ALL Group has
developed and maintains a corporate advisory team specialising in the gambling sector.
This team is an active investor in gambling-related businesses and also provides a
variety of consultancy and analytical services, including the publication of seven
branded Asian and global gambling based indices.
The Group’s core management and advisory team is based in Hong Kong and its
interactive gambling operations and the majority of staff are located in the Philippines.
The Group has developed relationships with Asian gambling regulators, government
agencies, state gambling bodies and major gambling operators throughout the world.
The Group operates a number of online casinos including, ‘Megasport Casino’,
‘Dafa888’, ‘Asian Casino’, ‘Zipang Casino’ and ‘Tila Casino’. These casinos have a
mostly Asian user base and utilise Playtech’s software platform. They are licensed in the
Philippines, Curacao or Alderney. The ALL Group’s casino product has been designed
and localised to attract and retain players in order to maximise profit potential. The suite
of casino products offers over 100 games, including:
• classic table and card games;
• multi-line and multi-spin slots;
• video poker and keno;
• progressive bonus-stage jackpot games;
• integrated live videostream casino games; and
• games designed specifically for the Asian market, such as
Pachinko.
Solo, Mahjong and
Revenue is based on the value of bets placed by customers less amounts won by
customers and less bonuses given to players. Revenue from the Group’s online casinos
has grown significantly and is currently in excess of $6.0 million per month. In addition
to its own brands, the Group generates revenue by providing “white labels” or “skins”
to a limited number of third party marketing partners, in exchange for a revenue sharing
arrangement. Typically, the Group provides operators of skins with access to the
relevant gaming system, certain customer services, payment processing, IT support and
management reports, with the operator, at its own cost, providing its own ‘front end’
websites and marketing arrangements. All gaming takes place on the ALL Group’s
systems, which enables customers 17 of the Group, including those referred by the skins’
operators, to play on a common platform and access the same games and common
progressive jackpots. Revenue generated from the Group’s online casino activities
constituted approximately 78 per cent. of the Group’s total revenues in 2006.
As well as the revenue generating casino sites described above, the Group also offers
certain “play money” games, where players can participate in games for free, allowing
players an opportunity to learn and become acquainted with the casino games before
playing for real money.
Corporate Finance
Since inception, the Group has used its network of contacts with operators and
regulators to provide an advisory service to investors and operators seeking to gain
exposure to the gambling industry in the Region. It also provides consultancy services
assisting companies as they prepare for flotation on a public market and publishes seven
branded global and Asian gambling indices related to the quoted gambling sector.
The ALL Group has advised on a variety of transactions, including pre-IPO and public
deals. In certain circumstances, the Group has made direct investments in the sector,
typically in private companies with management occasionally taking board positions in
the investee companies. The Group advisory revenues comprise introductory fees and
consultancy fees.
Directors and Senior Management
BOARD COMMITTEES
The Directors and Senior Management support high standards of corporate governance
and the Company intends, where practicable, and having regard to the size and nature of
the Company, to comply with the principles of the Combined Code.
To learn more about the ALL Group’s position on Corporate Governance,
30 April 2009
AsianLogic Limited
(“AsianLogic” or “the “Company”)
Preliminary Results for the year ended 31 December 2008
AsianLogic Limited, the diversified Asia-Pacific online and land-based gaming
company, announces its preliminary results for the year ended 31 December 2008. The
Company is also providing an update on current trading, principally for the period of the
first quarter of 2009.
Financial Highlights

Revenues for the year are up 82% to US$98.7m (2007:US$54.3m)
o
o
Average daily casino turnover up 83% to US$11.5m (2007:US$6.2m)
Average daily poker rake increased by 4.5 times to US$15,051
(2007:US$2,718)

Adjusted* profit before tax of US$6.3m (2007:US$12.4m), following a
significant increase in operational expenses, increasing margin pressure on
wholesale business and bad debt provisions. In addition, in 2008 there was no
repeat of the exceptional gain on disposal of associates as in 2007

Overall losses before tax of US$11.9m (2007:profits before tax of US$7.9)

Average net gaming per day increased from US$145,249 in 2007 to US$254,193
in 2008, a rise of 75%

Basic and diluted loss per share of 11.3 cents per share (2007:earnings per share
of 12.2 cents)

No final dividend is being paid, making the total for the year 2.9 cents per share,
as declared in interim results

Net cash balances as at 31 December 2008 of US$48.6m
(*) Adjusted profit before income tax is calculated after adding back share based
payments and non cash losses in relation to investments in CY Foundation Group
Limited, Leisure & Resorts World Corporation and Elixir Gaming Technologies Inc
which do not form part of the Group's core business.
Operational Highlights

Company continuing to move out of wholesale business into deposit accounts
albeit with impact on operational profitability

Challenging economic circumstances - 90% of revenues from Asia market,
which has not been immune to the global economic downturn. Nevertheless
AsianLogic has continued to see growth in major markets in its emerging
deposit business

Poker continuing to grow in popularity in Asia – both online and land based.
Asian Poker Tour now established as Asia’s premier poker tournament attracting
players from across Asia and from online networks across the world

Casino business growing, but impacted by capital expenditure in western-style
CRM, marketing and advertising and development of affiliate network

Launch of investment fund intentionally delayed until later in 2009, reflecting
poor investment market conditions. FSA approval received for the fund manager

Play for Real Asian games being rolled out with further product development
underway to support major promotion throughout 2009 and beyond
Current Trading and Outlook

Trading conditions continue to be in line with update of 19 February 2009, with
increased capital expenditure linked to repositioning and bad debt provision
negatively impacting the business

While top line revenues are expected to increase, net profits are expected to be
negligible. This position is expected to continue through 2009

Ongoing strategic review to determine most appropriate manner to prioritise
shareholder value
Tom Hall, Executive Vice Chairman, said:
“While it was pleasing to see revenues grow at such a strong pace, the increasing
pressure on our lower margin wholesale business profitability, and increasing bad debt
provision meant the Company’s adjusted net profit nearly halved. To counter this, the
Board is repositioning the business by looking to dispose of its wholesale business and
invest further into higher margin deposit and retail based products, as well as services
and again we expect revenues to continue to grow. However, the capital expenditure,
marketing and advertising spend required to grow this business means that profitability
will be impacted throughout 2009 and into 2010. The global economic crisis has not
helped our trading but we see continuing long term opportunity in our core Asian
gaming marketplace.”
For further information contact:
Tom Hall, Executive Vice Chairman
AsianLogic Ltd
+852 9037 3749
Piers Coombs/Adam Cowen
Collins Stewart – Nominated Adviser to AsianLogic Ltd
+44 207 523 8350
David Rydell/Samantha Boston
Bell Pottinger Corporate & Financial
+44 207 861 3232
Security and Privacy
AsianLogic recognizes your privacy and guarantees that all information disclosed will
only be used for certain purposes as stated here.
This covers AsianLogic’s handling of personally identifiable information, defined as
your name, telephone number and email address that we collect when you contact us for
information or services. This policy applies to AsianLogic’s treatment of any personally
identifiable information our business partners share with us as well. This policy does
not apply to the practices of companies that we do not own or control and to people that
we do not employ.
Information Collection and Use
AsianLogic may collect personally identifiable information from you when you reach us
and request for information or services or when our business partners provide us with
such information. We do not collect any personally identifiable information when you
visit our site such as IP address or cookie information. We only use this information to
process your requests for information or services.
Information Sharing and Disclosure
We do not give your personally identifiable information to anyone. We will only send
such information about you to other companies or people when:
1. we have your consent to share the information;
2. it is necessary to share your information to provide the service you
requested;
3. it is necessary to send the information to companies who work on
AsianLogic to provide you with the service you requested;
have
behalf of
4. responding to subpoenas, court orders or legal process;
5. proven that your actions on our websites violate the above terms of
service, or
any of our usage guidelines for our services In order to
provide the information or
services that you may request, we
may transfer or store your personally identifiable
information on
computer equipment in our offices and you are deemed to
consent
to the same.
Hong Kong Office:
5/F The Workstation
43 Lyndhurst Terrace
Central, Hong Kong
Tel: +852 25810100
Fax: +852 25810102
Philippine Office:
43F Yuchengco Tower, RCBC Plaza
6819 Ayala Avenue, Makati City
Philippines 1200
Tel: +632 8872525
Fax: +632 8443098