(COMTEX) B: CathayOnline Inc. Acquisition of Lottery Kiosks in China
B: CathayOnline Inc. Acquisition of Lottery Kiosks in China
NEW YORK, Jul 15, 1999 (BUSINESS WIRE via COMTEX) -- CathayOnline Inc.
(OTC BB:CAOL) has now completed the acquisition of 3 Online Lottery
Kiosks in Guangzhou, China. CathayOnline intends on acquiring an
additional 5 Lottery Kiosks for the month of July.
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 US $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 inwelfare 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 would like to welcome investors to visit the Company's
site at www.cathayonline.com to view our recently posted Q&A.
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
Companys 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.
Copyright (C) 1999 Business Wire. All rights reserved.
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