NEWS OUT: CAOL is keeping its promises and following through
(COMTEX) B: CathayOnline Acquires 5 Lottery Kiosks in China
B: CathayOnline Acquires 5 Lottery Kiosks in China
NEW YORK, Jul 21, 1999 (BUSINESS WIRE via COMTEX) -- CathayOnline Inc.
(OTC BB:CAOL) has acquired another 5 Online Lottery Kiosks in
Guangzhou, China. These Online Lottery Kiosks are in addition to the 3
kiosks acquired earlier this month.
These 5 newly acquired Online Lottery Kiosks are part of the
approximately 50 kiosks the Company has projected it will acquire in
the next six months. When fully operational, these kiosks are expected
to generate in excess of US $450,000 net annualized income (Earnings
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.
Lotteries in China are still in their infancy with only 6% of the
population having indulged in Lotteries compared to 85% in the United
States. Once significant market penetration has been achieved, China's
immense population of 1.3 billion has tremendous growth potential.
This project confirms the focus of the Company to engage in business
that provides significant cash flow opportunities and established
management.
On Behalf of the Board of Directors Brian Ransom, Director 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.
For further information, please contact:
CATHAYONLINE, INC., 604/688-1844 or by visiting
cathayonline.com
or
WORLDVISION FINANCIAL
Keith Baldridge, 888/345-6060 or
407/834-8944 or by visiting
wvfg.com
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