EXHIBIT 21.1
List of Subsidiaries
--------------------
Subsidiary Principal Type of Percentage Country of
Activity Shares Owned Incorpo-
Held ration
- ---------- -------------- -------- ---------- ----------
WG International Ltd Holding Ordinary 100% England
Company & Wales
LVA Holdings Inc. (formerly Holding Ordinary 100% U.S.A.
Starnet Communications Company
International Inc)(1)
Interactive Systems Inc. Licensing of Ordinary 100% Antigua
Internet
Gaming Systems
WG Interactive Inc. Systems
Administration Ordinary 100% Canada
World Gaming Europe Ltd(1) Dormant Ordinary 100% England
& Wales
SSII Ltd (formerly Starnet Licensing of
Internet Ordinary 100% Antigua
Systems International Inc)(2) Gaming Systems
EFS Caribbean Inc(2) Dormant Ordinary 100% Antigua
EFS St Kitts Inc(2) Dormant Ordinary 100% Antigua
Inphinity Interactive Inc(2) Dormant Ordinary 100% Canada
World Gaming Services Inc(2) Dormant Ordinary 100% Antigua
ESCE Inc. (formerly Starnet Dormant Ordinary 100% Canada
Communications
Canada Inc)(2)
All of the above companies operate within their country of incorporation and
their results have been included in these consolidated financial statements.
(1) Shares are owned by World Gaming International Ltd
(2) Shares are owned by LVA Holdings Inc.
The Company holds a 50 percent interest in Bullen Road LP, a limited partnership
between SSII and IOE Limited ("IOE"), a wholly-owned subsidiary of Sportingbet
PLC. Bullen Road LP is an exempt limited partnership formed in the Cayman
Islands as a result of the transaction with Sportingbet described at Note 5 and
owns the gaming software operated by the Company. The General Partner is Gwladys
Street Limited, a company incorporated in the Cayman Islands and is jointly
owned by SSII and IOE. The Company is not required to make any capital
contributions to the partnership beyond the initial transfer of the proprietary
gaming software, which was done in the year. The net book value of the assets
transferred was $nil. The partnership had no income or expenditure in the period
ended 31 December 2004. Accounts have not yet been prepared for the partnership.
Consistent with the accounting treatment of the Intellectual Property prior to
its transfer to Bullen Road LLP, the Company's share of the assets and
liabilities of the partnership at 31 December 2004 has not been included in the
consolidated financial statements. The cost and carrying value of the investment
at 31 December 2004 was $nil in these financial statements.