Omicron is Negotiating to Acquire a Bingo Software Company
BELLINGHAM, Wash., Jul 13, 1999 (BUSINESS WIRE via COMTEX) -- OmicronTechnologies, Inc. (OTC BB:
OGPS) entered into formal negotiations with a private company to acquire its wholly owned subsidiary -- engaged
in the development of "next generation" BINGO software for Internet gaming Web sites.
Internet BINGO business is in the early stages of its development, as there are very few active gaming Web sites
that provide the opportunity to play the game of BINGO for money. Analysts familiar with the worldwide gaming
business predict that gross revenues from Internet BINGO will exceed $4 Billion annually over the next two years.
The unique BINGO software under development will not require the downloading of software and will not use
computer generated numbers to play. This BINGO Web site will display, in real-time using a JAVA-based camera
system, a "Live Bingo Hall" from three different angles showing the hall itself, the number board and the BINGO
balls as they come out of the machine. With an average of 100 people playing per hour, the gross revenues
generated would exceed $26 Million. Omicron will receive 40% of the gross revenues from such a BINGO Web site
and its operating costs are relatively low. A 50% winner payout will be made with an additional 10% holdback
accumulating for special "bonus" games. It will take approximately three months to complete the programming of
the BINGO Web site -- followed by beta testing.
Omicron believes that the completion of this proposed new acquisition will diversify and greatly enhance the
company's efforts to become established as a preferred supplier of online gaming systems and a leader in the
Internet gaming industry. Some of Omicron's competitors are : Bingo.com Inc. (OTC BB: BIGG), Bingo & Gaming
International Inc. (OTC BB: BING), Casinolive.com (OTC BB: YBET), Cryptologic (TSE:CRY), GLC Limited
(Nasdaq: GLXW), Starnet Communications International Inc., GIC Global Entertainment Corp. (OTC BB: GGNC)
and YouBet.com (Nasdaq: UBET).
Omicron Technologies, Inc. is in the business of acquisition, research and development, and marketing of leading
edge technologies for the Aerospace, Telecommunications, Defense, Consumer Electronics and Internet-based
business concepts. Through the combined strategy of focusing on marketing niches and speedy development of
its proprietary technologies, Omicron hopes to gain significant market penetration in these areas.
NOTE: Safe Harbor for Forward-Looking Statements Except for historical information contained herein, the
statements in this news release are forward-looking statements that are made pursuant to the safe harbor
provisions of the Private Securities Litigation Act of 1995. Forward-looking statements involve known and unknown
risks and uncertainties that may cause the company's actual results in the future periods to differ materially from
forecasted results. These risks and uncertainties include, among other things, volatility of prices, product demand,
market compensation, risk inherent in the company's international operations, imprecision of reserve estimates
and the company's ability to replace and expand reserves.
Copyright (C) 1999 Business Wire. All rights reserved.
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CONTACT: Omicron Technologies, Inc.
Barrett Sleeman, 877/903-2288
www.omicrontechnologies.com
www.market-infocom.com
WEB PAGE: businesswire.com
GEOGRAPHY: WASHINGTON INTERNATIONAL CANADA
INDUSTRY CODE: COMPUTERS/ELECTRONICS
COMED
INTERACTIVE/MULTIMEDIA/INTERNET |
