ISWI Rev. of $3,847 were reported for the three months ended March 31, 1999 .
Compared with rev. of $2,455 repoted for the corresponding period of the prior year.
this is a step up for the company & should be viewed this way by the market.
ISWI is currently focussing on a five-tierd approach to rev. generation which can help future earnings.International Sports Wagering Inc., a Delaware corporation, is a development stage company. The Company began operations in May 1995 and is the successor by merger to Systems Enterprises, Inc., which was organized in December 1992.
The Company's SportXction™ sports wagering system was conceived by the Company's founder, Barry Mindes, who together with Bernard Albanese, developed a simulation of the System for use in determining whether casinos had interest in the System.
Additionally, patent applications covering the System were prepared and filed with the U.S. Patent and Trademark Office and corresponding foreign patent applications were also filed. After the initial equity capital was raised, personnel, consisting primarily of software engineers and programmers, were recruited and hired and the Company engaged in research and development and testing of the SportXction™ system. These activities included writing software, developing required mathematical algorithms, performing statistical MCK and configuring the hardware needed for the System and determining the initial betting propositions to be offered.
The company tested the System in a non-wagering environment and then conducted its own live trial in a wagering environment using play money. Thereafter, in mid 1996, the company sought approval for use of the system from the Nevada Gaming Authorities. On December II, 1996, the Company consummated its initial public offering (the "IPO") pursuant to which it sold 1,725,000 Units (including over-allotments) for gross proceeds of $10,350,000. Each Unit consisted of one share of the Company's Common Stock, par value $.001 per share, and one redeemable warrant to purchase one share of Common Stock at an exercise price of $7.20 per share. The common stock and warrants now trade separately on the NASDAQ Small Cap Market and no longer trade as a Unit.
As of April 23, 1998, ISW was granted a gaming license as an operator of an inter-casino linked system ("OILS License") by the Nevada Gaming Commission. As a result of receiving its OILS License, the Company will now be able to operate its SportXction™ sports wagering System through a central Hub located at the facility in Las Vegas. ISW will now be able to participate in the revenue generated by wagering through SportXction™.
ez.
To all always do your own DD. [ good luck to all this week ! ]
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