SHAREHOLDERS of a WA company planning to popularise straight-line harness racing on the Internet have agreed to a change of name and direction.
SHAREHOLDERS of a WA company planning to popularise straight-line harness racing on the Internet have agreed to a change of name and direction.
Shareholders of Aussie Online Limited voted to change the Applecross-based company’s name to Sports Vision Entertainment Limited.
They also agreed to acquire the unlisted Cyber Raceways Limited, which is involved in the construction of the straight-line track in Waikerie, South Australia.
Under the deal, AOL’s 328 million shares will be converted to 32 million in a 10:1 restructuring. A further 30 million AOL shares at a minimum of 20 cents also will be issued.
As part of the acquisition, 50 million Cyber Raceways Limited shares will be issued to vendors, bringing the total number of shares to 112 million.
Business News reported last month on the future of AOL’s online gaming operations, which were in doubt until Federal Communications Minister Richard Alston excluded wagering and sports betting from online gambling legislation.
AOL is now on track to broadcast straight-line harness and greyhound racing on the Internet in Australia and the UK.
AOL managing director Peter Youd was positive about the outcome of the shareholder meeting.
“We have a significant opportunity with our online racing business,” he said.
“It has been found that the wagering industry accounts for around 12 per cent of Australia’s GDP and that in the previous year the wagering turnover was $11.7 billion.
“I think that outlines a strong market for the product.”
Mr Youd said that revenue for the business would be generated from a volume-based copyright fee on events, which would begin in November.
Technology captures the moment online
TOWER Technology, one of Australia’s largest privately owned software developers, recently launched a new application it hopes will eliminate the major deterrent to the growth of Internet transactions.
The result of an $8 million Federal Government research grant, WebCapture takes date and time-stamped snapshots of pages as customers complete online transactions.
ABS figures for April last year show just 8 per cent of WA adults purchased goods online, while 29 per cent of Australian adults were discouraged from making online transactions because of security fears.
Tower Technology managing director Noel Jones hopes WebCapture will encourage more consumers to make transactions online.
“One of the cornerstones of a transaction between two parties is trust and confidence,” Mr Jones said.
“What WebCapture does, if you like, is to allow the capture of the transaction of the two parties exactly as they saw it.
“If at a later stage one party turns around and says, ‘I didn’t really see that’, that transaction can be replayed and they can see what they did and how they did it.
“Until now, technology has been limited to the practice of trying to gather different elements from various static points in a process in an attempt to re-construct the transaction as it happened.
“That hit and miss method has done nothing for customer confi-dence or trust in the process.”
Tower Technology research and development officer Jon Palin said the technology initially would be marketed towards consumers.
He said business-to-business transactions were not hampered by a lack of confidence because com-panies tended to “get on with business”.
“Yes, they have reasonable trust in their partners and the technology,” Mr Palin said.
“I think what we have found is that, in the old days, they would have records of exactly what did happen or what was agreed to, so that when things did go wrong, which they invariably do, both parties can find the source of the error.
“In the electronic age that is much harder to do and that’s really where WebCapture fits in. Rather than becoming a nasty dispute, things can be resolved quickly and easily because the information is at hand.”
Shareholders of Aussie Online Limited voted to change the Applecross-based company’s name to Sports Vision Entertainment Limited.
They also agreed to acquire the unlisted Cyber Raceways Limited, which is involved in the construction of the straight-line track in Waikerie, South Australia.
Under the deal, AOL’s 328 million shares will be converted to 32 million in a 10:1 restructuring. A further 30 million AOL shares at a minimum of 20 cents also will be issued.
As part of the acquisition, 50 million Cyber Raceways Limited shares will be issued to vendors, bringing the total number of shares to 112 million.
Business News reported last month on the future of AOL’s online gaming operations, which were in doubt until Federal Communications Minister Richard Alston excluded wagering and sports betting from online gambling legislation.
AOL is now on track to broadcast straight-line harness and greyhound racing on the Internet in Australia and the UK.
AOL managing director Peter Youd was positive about the outcome of the shareholder meeting.
“We have a significant opportunity with our online racing business,” he said.
“It has been found that the wagering industry accounts for around 12 per cent of Australia’s GDP and that in the previous year the wagering turnover was $11.7 billion.
“I think that outlines a strong market for the product.”
Mr Youd said that revenue for the business would be generated from a volume-based copyright fee on events, which would begin in November.
Technology captures the moment online
TOWER Technology, one of Australia’s largest privately owned software developers, recently launched a new application it hopes will eliminate the major deterrent to the growth of Internet transactions.
The result of an $8 million Federal Government research grant, WebCapture takes date and time-stamped snapshots of pages as customers complete online transactions.
ABS figures for April last year show just 8 per cent of WA adults purchased goods online, while 29 per cent of Australian adults were discouraged from making online transactions because of security fears.
Tower Technology managing director Noel Jones hopes WebCapture will encourage more consumers to make transactions online.
“One of the cornerstones of a transaction between two parties is trust and confidence,” Mr Jones said.
“What WebCapture does, if you like, is to allow the capture of the transaction of the two parties exactly as they saw it.
“If at a later stage one party turns around and says, ‘I didn’t really see that’, that transaction can be replayed and they can see what they did and how they did it.
“Until now, technology has been limited to the practice of trying to gather different elements from various static points in a process in an attempt to re-construct the transaction as it happened.
“That hit and miss method has done nothing for customer confi-dence or trust in the process.”
Tower Technology research and development officer Jon Palin said the technology initially would be marketed towards consumers.
He said business-to-business transactions were not hampered by a lack of confidence because com-panies tended to “get on with business”.
“Yes, they have reasonable trust in their partners and the technology,” Mr Palin said.
“I think what we have found is that, in the old days, they would have records of exactly what did happen or what was agreed to, so that when things did go wrong, which they invariably do, both parties can find the source of the error.
“In the electronic age that is much harder to do and that’s really where WebCapture fits in. Rather than becoming a nasty dispute, things can be resolved quickly and easily because the information is at hand.”
