BIG NEWS HERE:
PLYMOUTH MEETING, Pa., June 24 /PRNewswire/ -- Interactive Gaming & Communications Corp. (IGC) (OTC Bulletin Board: SBET) a Philadelphia area Internet software development company announced today that it has concluded its agreement to acquire 53.26% of Century Industries, Inc. (PHLX: CII.A, CII.B) (OTC Bulletin Board: CNTI) and its subsidiaries, Century Steel Products, Inc. and Scibal Associates, Inc.
IGC plans to issue 7,500,000 shares in exchange for the Century control shares, which will be treated as a "pooling of interests," and will add, in accounting consolidation, $9,696,583 in additional assets, $4,450,413 in additional capital, and $12,008,896 in additional revenues at 12/31/98, less the 46.7% Century minority shareholders interest prior to a complete amalgamation, to IGC. With the additional consolidated capital, assets and revenue, IGC intends to immediately apply for an upgraded stock listing with a regional or major exchange.
The Agreement calls for the creation of an Executive Committee to coordinate operations between IGC and Century, to pursue mechanisms to effectuate a complete amalgamation concerning the public Century shareholders, and provide for the Century shareholders to receive terms of amalgamation on terms equal to or better than the Century control shareholders received. In addition, IGC will nominate three of Century's five Board members.
IGC believes that the operational expenses of both IGC and Century will be substantially reduced by combining certain aspects of their separate administrative operations, including legal and accounting, while enhancing the management and operational personnel of both companies.
The additional revenue from combined cost savings measures and additional revenues will allow IGC to further improve its existing Internet/Intranet gaming software product lines and increase its market share in the online gaming industry. These factors will also accelerate its development and completion of its highly touted thoroughbred racing and gaming software. ToteMaster and TurfCast are online horse racing wagering and simulcast systems geared towards the $46 billion dollar per year thoroughbred racing industry.
IGC product lines include the highly successful Internet/intranet casino software "LiveAction Gaming," "LineMaster" an online sports information and line service, "GambleNet.com," "WhoWonWhere.com," both Internet gaming search engine portals and worldwide casino winner and action listings. IGC, through its acquisition will inherit proprietary software developed for the insurance industry, which it intends to expand and begin marketing.
Michael Simone, IGC's president stated, "The acquisition of Century and its subsidiaries should provide more liquidity for both IGC and ultimately Century's shareholders, while providing IGC with greater access to the capital markets through its increase in size and a potential listing upgrade. IGC's growth through this acquisition will also enhance its ability to compete more effectively in the market and reach its goal of obtaining the major market share with its products in the online gaming industry."
For further information about IGC see their website at www.igccorp.com.
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 IGC's expectations.
SOURCE Interactive Gaming & Communications Corp.
/CONTACT: George Marshall, 610-941-0305, ext. 21 or fax, 610-941-4752 or
e-mail, investorrelations@igccorp.com/
/Web site: gamblenet.com
/Web site: whowonwhere.com
/Web site: igccorp.com
(SBET CNTI)
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