Internet Gambling on The worlds most popular Sport
From: Contiki Resources Ltd. (TKI)
contikiresources.com
mailto:info@contikiresources.com
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Re: News Releases - Wednesday, May 05, 1999
Contiki to Acquire Internet Soccer Gambling Business
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Contiki Resources Ltd. is pleased to announce that it intends to enter the
Internet soccer gambling business through the acquisition of GoldenGoals.com.
Betting on soccer games is a very large business in the UK, estimated at over
£500 million ($1.2 billion) annually. GoldenGoals.com will offer an easy, low
cost, fun way to win big prizes by predicting English Premier League Soccer
scores. The guaranteed top prize of £1 million ($2.4 million) is expected to
attract many players. Other prizes will be paid as a portion of the pool of
stakes collected.
GoldenGoals.com operations will be based in the UK and designed to attract
English Premier League soccer fans worldwide. The business will be fully
licensed and regulated by the British Government.
Contiki has entered into an agreement with Alternative Card Company Ltd.
("Alternative") and its shareholders to acquire all of the issued and
outstanding voting shares of Alternative from the existing shareholders.
Alternative is a UK company that owns the GoldenGoals.com business and holds
a license from the British Government to conduct online Internet gaming based
on sporting events.
Contiki will pay the following to acquire the Alternative shares:
1. 3,750,000 common shares of Contiki to be held in escrow and earned out on
the basis of one share for every $0.25 of net cash flow generated by the
Internet gaming website; and
2. a royalty of 7% of gross revenues earned by the Internet gaming website,
less all general and administrative expenses.
The acquisition is subject to a number of conditions precedent, including
satisfactory due diligence, VSE approval and Contiki raising sufficient
capital for past and future development and operational expenses. A finders
fee will be paid, with respect to the transaction, within the VSE guidelines.
ON BEHALF OF THE BOARD
D. Neil Briggs
Director
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Copyright (c) 1999 CONTIKI RESOURCES LTD. (TKI)
All rights reserved. For more information, please visit our
website at contikiresources.com
or send electronic mailto:info@contikiresources.com
Message sent on Wednesday, May 05, 1999 at 10:21:28 AM Pacific Time
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