Two Way Limited (TTV) is pleased to announce that it has signed a non-binding Letter of Intent to merge the Company with Priority One Network Group Limited. In accordance with the LOI, Two Way intends to make an off-market takeover bid for 100% of Priority One’s shares in an all scrip deal. The proposed Offer values the equity in Two Way at 4 cents per share.
Under its business model, Priority One intends to establish a network of affiliated merchants who are able to connect and transact with a subscriber base of debit card holders via the use of a multi-currency payments platform. The business model is based on Priority One earning an agreed percentage of the value of each transaction effected using debit cards issued under its program. In practical effect, Priority One will be seeking to take advantage of the change in purchasing attitudes of the consumer in favour of online transacting. Two Way has substantial expertise in deploying applications and services via IPTV, online and mobile platforms, and will bring this expertise to accelerate the roll-out of Priority One’s services.
Further, a key element of Priority One’s offering will relate to online wagering, on both racing and sports, which is a primary area of expertise for Two Way. Priority One has entered into a number of significant agreements with a number of large-scale domestic and international merchants and service providers. These relationships are an ideal fit with Two Way’s interactive applications, which may be deployed as an interface between merchant affiliates and members of the Priority One account and associated debit card. TwoWay will offer Priority One shareholders 7.5 ordinary Two Way shares for each Priority One ordinary share.
Chairman of Two Way, Mr Stuart McGregor, said “This is a Company-transforming deal, which provides Two Way shareholders with an attractive opportunity to become part of a much larger and well-capitalised business, with significant international opportunities. We view the consolidation of the Priority One and Two Way business as an ideal corporate fit. The combination of technology, corporate relationships and business processes as detailed in this offer are ideally suited to advance the commercial prospects of the consolidated entity both from a geographic perspective as well as underpinning the revenue and profit generating ability of both parties.
Two Way creates, develops and builds advanced interactive media and gambling applications for mobile, internet, TV and IPTV platforms. Our competitive strengths include our specialised expertise, patented technology and library of interactive applications which have been deployed on all devices.