(BSNS WIRE) Total Entertainment Reports Fourth Quarter 1998 Results
Total Entertainment Reports Fourth Quarter 1998 Results
Business/Entertainment Editors
RED BANK, N.J.--(BUSINESS WIRE)--June 15, 1999--Total
Entertainment Inc. (NASD OTC-BB: TTLN) is pleased to announce
financial results for the fiscal year ending December 31, 1998 (the
"period").
Revenue for the period was $7,636,000, with net revenue of
$188,274. Primarily attributed to revenues from the website and
processing operated by wholly owned subsidiaries Intercapital Global
Fund, Ltd. and Intercapital Canada Ltee. During this period Total
Entertainment expended $160,000 in general and administrative
expenses due primarily to advertising activities. The company's
balance sheet liabilities totaled less than $105,000. The company's
EBITDA amounted to $28,000 for the period. The fourth quarter
results, reflect the company's first ten weeks of operations, from
October 15 through December 31.
Financial results for the first quarter ending March 31,1999 will
be released in conjunction with the company's filing of the form 10SB
with the United States Securities Exchange Commission. Net revenue for
the first quarter is expected to show an increase of more than one
hundred percent (100%) vs. fourth quarter 1998 net revenue.
The company's auditors Raymond, Chabot, Grant Thorton are
assessing various Domestic and International tax implications relating
to the company*s merger into a public company. Along with various tax
treaties where the company's subsidiaries are domiciled.
President Mitchell Brown stated, "We are pleased to report that
the company was able to exceed our growth expectations. We have proven
that a start up Internet Company with a solid strategic plan can be
profitable. With the addition of slotsvegas.com and our Asian site
dragongaming.com, Total Entertainment will continue to see substantial
revenue increases for the remainder of 1999. Total Entertainment has
achieved their goal in becoming a leader in Internet Gaming and we
will continue our leadership into the new Millennium."
Total Entertainment Inc. is a debt-free corporation that has
experienced explosive growth since its inception. Successful
competitors in the exploding online casino and gaming industry
include: CryptoLogic (TSE:CRY.TO), GLC Limited (OTC BB:GLXW), Starnet
Communications International Inc.(OTC BB:SNMM), GoCall Inc. (OTC
BB:GOCA), GIC Global Entertainment Corp. (OTC BB:GGNC), Cybergames
Inc. (OTC BB CYGA), Youbet.com (OTC BB:UBET), and Atlantic
International Entertainment Ltd. (OTC BB:AIEE).
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained herein which are not
historical fact are forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed in the forward-looking statements,
including, but not limited to, certain delays in testing and
evaluation of products and other risks.
--30--sw/ny*
CONTACT: Total Entertainment Inc., Los Angeles
Lewis Taylor, 310/575-9505 (Investor Relations)
EMAIL: investors@totalentertainmentinc.com
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: ENTERTAINMENT COMPUTERS/ELECTRONICS COMED
INTERACTIVE/MULTIMEDIA/INTERNET EARNINGS
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