Here is the release:
Starnet Establishes New Wholly
Owned Subsidiary; EFS Australia PTY Ltd
PR Newswire - December 17, 1998 10:35
WILMINGTON, Del., Dec. 17 /PRNewswire/ -- Starnet
Communications International Inc. (OTC Bulletin Board:
SNMM) ("Starnet") is pleased to announce the establishment of
its sixth wholly owned subsidiary, EFS Australia PTY Ltd ("EFS
Australia") based in Sydney, Australia.
EFS Australia (Electronic Financial Services) has been established
to further expand Starnet's global electronic transaction processing
network. The EFS Australia subsidiary will utilize Starnet's
proprietary STAR-MX encryption and processing technologies
which will allow for complete security for financial transactions
conducted via the Internet. EFS Australia will act as an
international currency converter and secure Internet transaction
gateway to financial institutions.
Starnet markets and operates its Internet technologies through six
wholly owned subsidiaries, each serving a strategic purpose in the
company's overall plan of growth: Starnet Communications
Canada Inc., (www.starnetc.com), Starnet Communications
International, Inc. (www.starnetcommunications.com), EFS
Caribbean Inc. (www.efscaribbean.com), Softec Systems
Caribbean Inc. (www.softecsystems.com) and World Gaming
Services Inc. (www.worldgaming.net).
Terry Bowering, Starnet's Vice President Offshore Operations,
stated, "In Starnet's ongoing efforts to continually expand our
on-line financial processing facilities, we have now taken the
necessary steps to solidify relationships with major
Australian-based financial institutions. We recognize Australia as
an emerging and credible Internet gaming jurisdiction that will
become a major participant in the exploding area of e-commerce.
Through the addition of Starnet's newest subsidiary, EFS
Australia, Starnet will now be able to further expand it's ability to
receive payments via the Internet and process those transactions
through banking facilities in EFS's jurisdictions. It will also allow
Starnet to offer a seamless network of processing and transaction
facilities."
Starnet markets Internet gaming services through its wholly owned
online casino, sportsbook and simulcast horse racing system --
World Gaming Services Inc. of Antigua (www.worldgaming.net).
These technologies are also licensed to independent operators
through Starnet's wholly owned Antiguan subsidiary, Softec
Systems Caribbean Inc. (www.softecsystems.com) -- which in
turn participates in a percentage of each of its licensee's revenues.
Softec has thirteen licensees.
Described by ABC Nightline as "a reputable pioneer in Internet
gambling," Starnet trades on the NASD Bulletin Board as a Fully
Reporting Issuer. snmm.com
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 detailed from time to time in Starnet's fillings with the Securities & Exchange Commission.
CONTACT: Jack Rosenberg of M&A West Inc. (Investor
Relations), 650-588-2678, for Starnet; or Alan Poole of Starnet
Communications International Inc., 604-608-6035.
SOURCE Starnet Communications International |
