IP E-games to venture into food, entertainment, hotel businesses

IP E- Game Ventures Inc. on Thursday said that it would venture into the business of food and beverage, entertainment, hotel and leisure on top of its current operations in interactive gaming and content distribution.

In a disclosure to the Philippine Stock Exchange, the unit of privately held IP Ventures Inc. said its board Incorporation expanding its primary purpose to include the abovementioned new businesses.

The board also delegated the company’s executive committee to study and approve the selection of the new corporate name.

E- Game will present the board resolutions to stockholders as of February 23 for approval in a special meeting on March 22.

The company offers a portfolio of online games including massively multiplayer online role- playing games or MMORPGS, and casual online games.

E-games is also the country’s leading Internet consumer internet cafes following its acquisition of Digital Paradise Inc., the operator of Netopia; Cyberone Technology Corp. and the purchase of at least 75 percent of I.T. Log Park Inc.

Last year, the company said it aims to have a network of 1,000 i- cafes in the next two to three years that will generate system- wide revenues of an estimated P5 billion per year.

E- Game recently executed a content license and distribution agreement with NBA Properties Inc., which granted the company the right to operate the official website of the National Basketball Association targeting the Philippine market.

It also executed a license and distribution agreement with Blizzard Entertainment International, the developer of World of Warcraft, Starcraft and Diablo.

In the first nine months, E-game’s earnings rose to P51 million from P1 million in 2010, driven by higher game publishing revenues and the consolidation of Digital Paradise and Webworx Computer Technology Corp., operator of the Cybr brand of internet cafe.