Friday, December 29, 2006

Trade Exchange Network has agreed to divest its sports related business


Trade Exchange Network Reorganizing

Thursday, Dec 21, 2006

Dublin, December 21, 2006: With effect from January 1st, 2007, Trade Exchange Network, owner and operator of TradeSports and Intrade, has agreed to divest its sports related business to a newly formed company, TradeSports Ltd., for an undisclosed sum.

The companies will cooperate fully to make sure there is no inconvenience to members and have agreed an initial two month timeframe to complete the transaction.

Commenting on the transaction, John Delaney, CEO of Trade Exchange Network said..."After growing our combined sports and non-sports markets aggressively for five years, this development represents a significant transaction for the company. We are very thankful to our loyal sports traders and assure them that the transition will be both painless and positive for them. We are certain that TradeSports Ltd. will build on our achievements and that sports traders will receive a peerless service."

Trade Exchange Network, through its platform, will continue to offer the broadest selection and deepest liquidity in real money prediction markets. Intrade will now look to aggressively extend the prediction markets and services it offers. The company will reorganize its trading and related services activities into two separate business units.

According to Delaney... "Non-sports prediction markets have amazing further potential, where we have a leading position and where we offer maximum value. We are convinced that traders and data users will see benefits very soon."

TradeSports Ltd., through the and platforms, will continue to offer all the sports markets currently available on TradeSports, and more besides. TradeSports will only offer sports related markets. Non-sports markets will only be available on the platform after 28th February 2007.

How will this change affect our members and affiliates?
As TradeSports and Intrade will be operated as separate independent platforms, members will need to have an account on each platform in order to continue trading both sports and non-sports contracts. Members will automatically get a second account if they have traded on both categories on or before February 28th.

We will publish a special edition of our customer newsletter during January, and it will include more specific details but for now, it is business as usual.

No comments:

Post a Comment