Las Vegas From Entertainment Inc.
OTC Bulletin Board : LVFHF

Las Vegas From Entertainment Inc.

November 27, 2006 21:27 ET

Las Vegas From Home.Com Entertainment Inc. Closes the Sale of its Operating Unit, Action Poker Gaming Inc.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 27, 2006) - Las Vegas from Entertainment Inc. ("the Company") (TSX VENTURE:LVH)(OTCBB:LVFHF)(BERLIN:LVH)(FWB:LVH) is pleased to announce it has closed the sale of its subsidiary Action Poker Gaming Inc. ("APG") for US $2,600,000, an increase of US $250,000 from the original sale announced on October 26, 2006. A finder's fee of US $75,000 is payable to an arm's length third party. Following this transaction, the Company has a current cash balance of approximately Cdn $8,500,000 and no debt.

The sale included, among other things, all of the Action Poker brands, the operating infrastructure in Action Poker Gaming Inc., APG Costa Rica S.A. and Action Commerce Limited and an undivided interest in the software used by the Company to run its Action Poker Network. As a result of the sale, the Company will no longer have any online gaming interests in the North American market nor will it until the legislative landscape changes.

Company President Jake Kalpakian states, "The sale of APG and associated properties will now allow the Company to streamline its operations and focus on building upon its promising Asian Multiplayer Software Platform ("AMSP") which now has two licensees and is already generating revenues. Furthermore, the Company has been receiving a tremendous amount of interest for this particular product from prospective licensees. We believe our unique Software should enable us to capitalize on niche or nascent market opportunities in that region."

The Company's Q3 2006 results will be released on Wednesday, November 29, 2006. As a result of the sale of APG, the Company will not hold a conference call to discuss the most recent quarter's results. It will provide an update regarding its AMSP in the New Year or sooner as developments warrant.

On behalf of the Board of Las Vegas From Entertainment Inc.

Jacob H. Kalpakian, President

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes", "plans", "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. The Company disclaims any obligation or intention to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • as Vegas From Entertainment Inc.
    Jacob H. Kalpakian
    (604) 681-0204
    (604) 681-9428 (FAX)