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geocities.com
BOP:ASE
SUITE #503, 1055 WEST BROADWAY
VANCOUVER, BC V6H 1E2
(604) 730-6910 Fax: (604) 730-6930
e-mail:
gdplc@ibm.net
Shares Issued and Outstanding: 24,896,766
Float: Approx 10,000,000
Year High / Low:1.45 /.10 CDN
Previous Close: 1.10
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THE COMPANY
Border is an interactive gaming systems company, with unique technology,
protected by U.S. and International patents and patents pending. BOP is
progressing under its agreement to acquire 100% of the shares of BingoNet, a
Delaware corporation, for a cash purchase price of USD$6.5 Million.
BingoNet's sole asset consists of certain contractual rights to patents for
which Border currently holds exclusive North American rights. By acquiring
BingoNet, Border will control exclusive worldwide rights to the BingoNet
Patents and will effectively eliminate the cost of on-going payments of
minimum annual royalties of USD $600,000 payable to BingoNet.
The BingoNet Patents concern wide area bingo games, and other
patternrecognition games of chance played in accordance with the methods and
apparatus taught and claimed in three U.S. patents issued. The methods and
apparatus allow players to participate in a bingo or similar interactive
pattern recognition game without having to attend a specific location, such
as a bingo hall. In addition, this proprietary technology enables players to
play exciting interactive games that ''draw to a winner'', at home, on the
Internet, or
wherever the game is broadcast.
The European Patent Office granted BingoNet Patents in 17 European
countries. This brings the total patent registrations, which include
Australia and the United States, to 19 countries. Additional international
patent registrations are being advanced in Brazil, Canada, Finland, Japan,
Korea, Norway, Poland, Romania, Russian Federation and throughout most of
the Commonwealth of the United Kingdom together with 18 additional African
and Asian countries.
On August 6th, BOP announced the reaching of an agreement with the vendor of
BingoNet, Inc. to extend the completion date for the acquisition from July
30th, 1999 to September 30th, 1999, subject to payment of $150,000 U.S. paid
July 30, 1999 and two additional payments of $150,000 U.S. each prior to
completion. Border is in the process of arranging a financing of $6.5
Million U.S., which is the acquisition price of BingoNet.
SETTLEMENT WITH DION
BOP has reported the signing of a settlement agreement with Dion
Entertainment Corp. (TSE:DIO) and other parties which, when completed, will
resolve all existing disputes between Border and the Dion Group. The
resolution involves reorganization of the ownership and marketing of certain
U.S. and International patents, and the operation of the St. Mary's gaming
facility joint venture in New Brunswick.
Upon acquiring sole ownership of the Patents and Trademark, Border and the
Dion Group will each pursue complimentary worldwide marketing plans with
respect to televised interactive bingo and other pattern recognition games.
In particular, Border will grant the Dion Group a master license, permitting
it to grant sub-licenses in respect of the Patents and Trademark on an
unrestricted basis, subject to payment to Border of a royalty based on a
standard industry percentage of net gaming revenues.
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