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(COMTEX) B: GGNC Signs Joint Venture Agreement With the Daily Racing
B: GGNC Signs Joint Venture Agreement With the Daily Racing Form; Exclusive
Master Distribution License for Asian Market Granted to GGNC
LAS VEGAS (Jan. 8) BUSINESS WIRE -Jan. 8, 1999--GIC Global
Intertainment Corporation, (OTC BB: GGNC) a high technology Internet,
entertainment and marketing company that markets an on-line sports book
and casino at www.cyberbetz.com, announced today that it has signed a
joint venture agreement with Daily Racing Form Inc., a leading provider
of information for the horse racing industry.
Based upon the agreement, GIC will have the right to post, broadcast or
link to the DRF's current regular North American standard and style of
DRF's Daily Racing Form for all of the racetracks in North America. GIC
will have the right to use and display this information on any of its
existing and future on-line sports book and casinos, including
www.cyberbetz.com. In addition, GIC will have the right to post,
broadcast or link to an Asian standard and style of DRF's Daily Racing
Form on any of its current and future on-line sports book and casinos
including the Chinese version of www.cyberbetz.com. GIC will also have
the right to distribute and broadcast the North American and the Asian
versions of the Daily Racing Form to any of the current and future
land-based casino operations and horse racing betting facilities that
are operated, joint ventured or managed by GIC in Asia.
GIC agrees to joint venture with DRF to develop an Asian standard and
style of DRF's current Daily Racing Form for all of the racetracks in
North America. This version of the Daily Racing Form will be posted,
broadcast or linked onto the Asian version of GIC's current and future
Internet casino and Sports Book casino sites, including the current
Chinese version of www.cyberbetz.com.
A per issue fee or monthly subscription fee will be charged for the
customers and users to down load the North American Standard or the
Asian Standard Daily Racing Forms. The users will be able to choose
which version and which race tracks' Daily Racing Forms to be
downloaded. The amount of fee to be charged and the percentage to GIC
and to DRF will be subject to both GIC and DRF's approval.
DRF agrees to give GIC an exclusive master distribution license in Asia
to distribute and to broadcast the Asian standard and style of DRF's
Daily Racing Forms for all of the race tracks in North America after it
has developed. The master distribution license for GIC will include the
distribution to and through all media (including all off track betting
facilities, all printed published publications, Internet and satellite,
etc.) in Asia. The amount of fee and percentage to GIC and to DRF will
be subject to both GIC and DRF's approval.
Mike Furr, president of Wall Street Research Group stated "1998 was a
record year in the markets as Dow Jones reached an all time high. The
main focus in the market was on Internet stocks as 1998 was a year for
setting the trend for the new millennium of 2000 and beyond. Amazon
Books (Nasdaq:AMZN) now sits at a price of $193 per share after
splitting 3 for 1, E-BAY (Nasdaq:EBAY) now sits at a price of $315 per
share after moving from $41 only 4 months ago. Lycos (Nasdaq:LCOS) now
sits at a price of $90 per share after sitting at $20 only 4 months
ago. Infoseek (Nasdaq:SEEK) now sits at a price of $58 per share after
sitting at $15 only 4 months ago. Many investors have failed to look at
Internet Gaming stocks as the next wave of Internet leaders. Internet
Gaming stocks have the potential to produce significantly higher
revenues and enter into a stage of profitability much faster than
conventional Internet stocks. GIC Global Intertainment Corp. for
example (OTC BB: GGNC), saw wagering revenues of approximately U.S.
$5.3 million in 1 month of operating, after being online for only 4
months. We feel that the gaming sector of the Internet is a sector that
continues to be overlooked and we are bullish about this sector. We
continue to aggressively seek out companies like GGNC into the new
millennium."
GIC's competitors within the Internet gaming market include: Atlantic
International Entertainment Ltd. (OTC BB:AIEE), Cryptologic Inc.
(TSE:CRY), GLC Limited (Nasdaq:GLCCF), Global Games Corp. (OTC BB: GLOW
) and Starnet Communications International, Inc. (OTC BB:SNMM).
GIC Global Intertainment Corporation is a high technology, Internet
Company that searches for proven technologies that are directly linked
to the Internet. The Company intends to seek market dominance by way of
mergers and acquisitions of Internet related companies and technologies
that are already positioned in the marketplace.
For additional information, see Wall Street Research Group's
"recommended buy" listing at www.wallstreetresearch.net/GGNC or call
800/943-2298.
For more information on GGNC contact Chris Sargent at 877/442-9467.
The statements in this press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Exchange Act of 1934 and are subject to the
safe harbor created by these sections. Actual results may differ
materially from GIC's expectations.
-0- DS/se*
CONTACT: GIC Global Intertainment Corporation, Vancouver, BC
Chris Sargent, 877/GIC-WINS
Ir@ggncwins.com
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