Web Casinos Merger
(Dow Jones)
SANTA ANA —
World Wide Web Casinos Inc., an Internet casino gaming company, and USA Growth Inc. said Monday that they have agreed to merge into a new corporation called Newcom.
Shareholders of Santa Ana-based World Wide Web Casinos would emerge with a 94% stake in the new company’s equity, while USA Growth, a New York-based venture capital firm, would own the remaining 6%.
The agreement, which initially was announced in March, is subject to the approval of each company’s shareholders and other conditions.
World Wide Web Casinos said it expects the Securities and Exchange Commission review and other regulatory matters to be completed within six months.
