This company has a $22,000,000 unexpired tax carry forward income tax credit. At this time no assets or liabilites, and I assume no revenues either. Nonetheless an interesting press release and an interesting play.
Lets talk!
Alan
MINEOLA, N.Y., Dec. 3 /PRNewswire/ -- Kenilworth Systems Corporation (OTC Bulletin Board: KENS) reported today in a current 8-K/10-K filing with the SEC that it has resumed operations developing "Roulabette," a system that allows casino patrons to view and play along with live casino table games -- Roulette - Bacarat - Blackjack - Craps -- via closed circuit television broadcasts to Roulabette terminals, initially placed within the casino confines. Eventually, the system will operate via digital direct satellite broadcasts around the world. The terminals are self sufficient to manage wagers from 25 cents to $100 -- without using the WWW Internet in the United States.
Legislators have voiced strong objections to having constituents gamble one-on-one against computers located on Caribbean islands, totally unregulated. In Roulabette, the play along broadcast emanates from casinos that are regulated by strict and comprehensive rules and state regulations, enforced by gaming control regulators and everybody plays along with the same live table game. Herbert Lindo, president of Kenilworth stated, "There is a world of difference between playing in a virtual make believe casino compared with an actual casino."
Kenilworth invented cashless wagering and helped promulgate legislation to permit debit card wagering in Nevada in 1985. The Company was converted to a Chapter 7 proceeding on February 5, 1991 and ceased all operations.
The Trustee was able to sell, at public auction, assets of Kenilworth Estate to pay 100 cents on the dollar to all creditors, administrative fees and expenses. Kenilworth emerged with no assets, no liabilities and approximately $22,000,000 in unexpired tax carry forward income tax credits.
SOURCE Kenilworth Systems Corporation
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