Monday June 7, 9:24 am Eastern Time
Company Press Release
Cathayonline Inc. Announces Acquisition of Lottery
Kiosks in China
NEW YORK--(BUSINESS WIRE)--June 7, 1999--CATHAYONLINE INC. (OTC BB:CAOL) is pleased to announce it
has identified the first three existing Online Lottery Kiosks it intends to acquire in China.
Negotiations are currently at an advanced stage, and should be completed in the second half of this month.
CATHAYONLINE INC. has projected to acquire approximately 50 operational Lottery Kiosks in the next six months, which,
when fully operational, are expected to generate in excess of US $450,000 net annualized income (Earning Before Interest
Taxes & Depreciation - EBITDA).
The second phase of the Company's plan calls for the acquisitions of 150 additional operating Lottery Kiosks in the second half
of the Company's fiscal year. When this phase is completed, the total annualized net income (EBITDA) is projected between
US $1.75 million and pUS $2.25 million.
The lottery industry in China is in its infancy -- with only some 6% of the Chinese estimated to have tried their hand at lotteries,
compared to 85% of the Americans. Revenue generated from sale of lottery tickets is a growing industry. China, with its huge
population (1.3 billion) speaks for itself in terms of potential revenue that would be generated once more significant market
penetration has been achieved. In the last nine months alone US $1.3 billion in welfare lottery cards were sold in China.
This project confirms the focus of the Company to engage in business that provides significant cash flow opportunities and
established management.
CATHAYONLINE INC. On Behalf of the Board of DirectorsBrian Ransom, Director
More information can be obtained about CathayOnline by visiting cathayonline.com
For further information, please contact: WORLDVISION FINANCIAL Tel: 1-888-345-6060 or 1-407-834-8944 or by
visiting wvfg.com
Statements included in this press release which are not historical in nature, are intended to be, and are hereby identified as
''forward-looking statements'' for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of
1934, as amended by Public Law 104-67. Forward-looking statements may be identified by words including ''anticipate,''
''believe,'' ''intends,'' ''estimates,'' ''expect,'' and similar expressions. The Company cautions readers that forward-looking
statements, including without limitation, those relating to the Company's future business prospects are subject to certain risks
and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
Contact:
Worldvision Financial, Casselberry, Fla.
Keith Baldridge, 888/345-6060 or 407/834-8944
wvfg.com |
