FOR RELEASE APRIL 25, 2002, 5:00 A.M. PDT
CARNEGIE COOKE & COMPANY ACQUIRES UNLIMITED OTB AND GAMING MACHINE RIGHTS IN SAO PAULO, BRAZIL.
Los Angeles, (April 25, 2002)/PRNewswire---Carnegie Cooke & Company, Inc. (“Carnegie Cooke”) (OTC:CGKY) today announced the signing of an exclusive contract with the San Vincente Jockey Club-the second largest race track in the state of Sao Paulo, Brazil. Per terms of this contract, Carnegie Cooke is allowed to open an unlimited number of OTB agencies and install an unlimited number of Virtual Reality Gaming Machines throughout the state of Sao Paulo, including the city of Sao Paulo with a population of 33,699,140 individuals.
Jay Goldberg, CEO said: “This contract represents a major accomplishment for Carnegie Cooke. Not only is Sao Paulo the most highly populated city in Brazil, but it is also the principal economic center. The city already has a vast network of arcades and gaming halls that are perfect for our Virtual Reality Gaming Machines. And this contract has no limitations on either the number of machines we install nor on the number of OTB agencies we open.
“We will finish the installation of the first fifty Virtual Reality machines this week. These machines have been installed in arcades and bingo halls in Porto Alegre as well as other Jockey Clubs throughout Brazil. These machines provide the most immediate return to the company when installed in already established arcades, etc. So we will follow the same plan in Sao Paulo that we have followed in Porto Alegre. We begin with the arcades and gaming halls, and then expand into wholly owned OTB agencies. The installation of the next 50 machines will begin next week in Sao Paulo.
“Luckily we have machines in constant production with “Microman,” one of Brazil’s largest computer hardware producer. In addition, since the proprietary software that runs the machines was developed “In House,” we can make all of the copies of the software we need. At this point, the Data Control Center in Porto Alegre, which constantly monitors the machines, has the capacity to handle 5,000 installations.
“I want to emphasize that we are still developing all of Brazil. What the contract with San Vincente provides is an immediate, concentrated locale in which we can maximize revenue with a far more focused and easier to apply installation plan.”
Carnegie Cooke & Company, Inc. is the exclusive service provider of simulcast transmission of international racing events throughout Brazil and other South American countries. In addition, Carnegie Cooke has a contract with the Brazilian Association of Jockey Clubs to mechanize the cumbersome, manual system of betting throughout Brazil. The Brazilian Government has approved this contract and named Carnegie Cooke as an accredited collector of betting revenue in Brazil.
For further information contact Jay Goldberg at 800-262-2331.
Except for historical information, the matters set forth herein, which are forward-looking statements, involve certain risks and uncertainties that could cause actual results to differ. Potential risks and uncertainties include, but are not limited to, the expenses associated with implementing the Company’s manufacturing and distribution agreement, the possible failure of the Company’s planned gaming operations, the potential shortfall on actual amount of sales which may be derived from the Company’s operations as opposed to estimates, the possible failure of the Company to establish a presence in the highly competitive environment within the Brazilian and South American gaming industry, the necessity that the Company’s products achieve market acceptance, and the Company’s ability to successfully implement all of the technical and economic aspects of its proposed operations. |
