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AGTech’s financial results for the first 6 months

AGTech Holdings Limited, an iGaming Chinese sports lottery software and systems developer nased in Hong Kong and Macau revealed their short term financial results for the first half of 2011 that showed a 45% improvement to $4.27 million when compared to last year.

A 19% increase to reach 77% in their gross profit margin was reported by AGTech along with a 9% rise in revenues to $5.58 million over the previous six months.

In terms of business scope and geographic coverage, AGTech is the biggest sports lottery service provider in China. AGTech’s reported profits for the first six months of 2011 showed a figure of $34,834 while losses reported a figure of $3.38 million which is $1.38 million les than last year’s figure.

John Sun , AGTech’s Chairman and Chief Executive Officer stated that “we are excited about the progress the group has made especially with the public launch of the Lucky Racing game during the period.”

“We are also glad to see AGTech maintain its growth momentum spurred by the rapid growth of the lottery market in China with lottery sales exceeding $15 billion in the first half of 2011.

“With sportsbetting continuing to be the key growth focus coupled with the introduction of new rapid-draw lottery games and the opening up of online and phone lottery distribution and the promulgation of the first lottery regulations, China’s sports lottery industry is entering a new era. With advanced products and a technological advantage, we are well prepared to capitalise on this thriving trend.”

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