Lets see how Francois's other favorite stock is doing today;
Starnet Sued by Las Vegas Casino, Inc. for One Billion Dollars
PR Newswire - July 27, 1999 11:20
VANCOUVER, British Columbia, July 27 /PRNewswire/ -- Las Vegas Casino, Inc., an Internet-based online casino company that is Starnet's biggest licensee for its "turnkey" casino games, is suing Starnet Communications International, Inc. for $1 billion.
Starnet Communications International Inc. (OTC Bulletin Board: SNMM) (Berlin: SNM) has a wholly owned subsidiary, Softec Systems Caribbean, Inc. which is also being sued. Starnet is also listed on the Berlin Stock Exchange on the Over-The-Counter market under the symbol SNM.
Las Vegas Casino, Inc. is claiming damages for a very substantial number of breaches of agreement. According to a company spokesman from Las Vegas Casino, Inc., "This company also claims that Starnet has too many grave irregularities in their accounting systems, too many serious bugs in their software; their technical and e-cash support is extremely deficient, with very serious problems such as massive over-billing of credit card accounts.
"Starnet is also refusing to supply the proper accounting records they must supply under the license agreement. The auditors simply cannot do their work in these deplorable conditions. Las Vegas Casino, Inc. has received thousands of complaints from its clients, saying that Starnet's software and the company itself, and its subsidiaries were the worst they have ever known.
"Starnet's highest management has admitted in writing that these problems were real, and this evidence of numerous admissions will be presented to the courts as early as next week."
In an e-mail received by Las Vegas Casino, Inc.'s management in December 1998, Chairman and Chief Financial Officer Jack Carley had responded to previous complaints made by Las Vegas Casino, Inc. as follows: "If I could, I'd fire them all (Starnet staff) and start over," a remark that failed to satisfy, lessen or ameliorate what appeared to be a number of severe problems that Starnet was experiencing with regard to the viability and integrity of the service it was purportedly offering to its clients. A spokesman for Las Vegas Casino. Inc. added that such problems, far from being overcome, were now actually worse than before.
ABOUT LAS VEGAS CASINO, INC.
Las Vegas Casino is owned and managed by a group of US corporations, including a finance company, and an international group of companies, who have been in business for more than 140 years. The company is the largest operator of casinos on the Internet.
For more information about Las Vegas Casino, Inc. visit the company's Web site at lasvegascasino.com , or e-mail: legal@LasVegasCasino.com .
SOURCE Las Vegas Casino, Inc.
/CONTACT: Claude Levy of Las Vegas Casino, Inc., 604-638-3400, or
604-638-3393, or legal@LasVegasCasino.com /
/Web site: lasvegascasino.com /
(SNMM)
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