News Release
Mt. Tom to provide in-room Internet gaming for South American hotels
Mt. Tom Minerals Corp MTK
Shares issued 5,883,922 Jul 14 close $0.26
Thu 15 Jul 99 News Release
Mr. Sheldon Kales reports
A significant agreement has been reached by Mt. Tom's proposed Internet gaming subsidiary, Global Netertainment Corporation. Julius Csurgo reports as follows:
"Global has signed a letter of intent with Tri-Vue Interactive Corporation of Ontario, Canada to be the exclusive provider for all gaming related entertainment for Tri-Vue's in-room interactive hotel systems. Internet gaming access will be restricted to gaming services delivered by Global.
Tri-Vue is a leading supplier of interactive in-systems to hotel and resort operators throughout the world, particularly pay-per-view services. Tri-Vue provides guests with a wide range of value-added entertainment and informational services.
As a team, Global and Tri-Vue expect to be pushing the boundaries of what hotel guests can expect and enjoy by way of an in-room Internet television system, offering enticing interactive options as alternatives to viewing recycled movies. Global will provide a rich range of gaming options for on-line interactive entertainment, with on-line casino games, sports betting services, bingo, lotteries, and scratch and match proposed. Global also expects to provide on-line travel and entertainment information and expects to be at the forefront of Tri-Vue's value-added guest services.
Concentrating on the untapped South American market, the companies will literally be staking out virgin territory for on-line in-room entertainment. Tri-Vue is already providing an interactive television service to 50,000 hotel rooms in South America, and anticipates adding an additional 50,000 rooms within the next three months. On-line gaming is experiencing explosive growth fuelled by latent demand and significant advances in the quality of the on-line gaming experience. Exceptional financial results are being achieved by leading on-line gaming service providers, and the gaming sector is one of the select few Internet segments that are reported to be generating profits. Management believes there is a significant revenue opportunity arising from developments in the hotel industry which is revamping and reinventing the concept of what can be delivered to guests through their in-room television sets. Rapidly evolving technology is providing the impetus for hotel groups to upgrade their current in-room systems. Management also believes that Global can quickly advance past the few competitors in this field and that Global's innovative products ideally position them to become a dominant force in the in-room entertainment industry. Tri-Vue seeks to develop a dominant position through the development of innovative technology tailored to the hospitality industry, and concentration on market development in high growth markets. Global and Tri-Vue expect to complete a formal agreement by the end of this month that will define their financial relationship and the revenue splits."
Management confirms that upon completion of the proposed acquisition of Global, Mt. Tom will be a high-technology entertainment and marketing company dedicated to delivering best of breed Internet gaming technologies with its overall business strategy of becoming one of the leading gaming developers and gambling sites in the rapidly growing Internet gaming industry.
Mt. Tom is pleased to announce the appointment of Mr. Csurgo to the board of directors effective immediately. As stated in Mt. Tom's May 25, 1999, press release (see Stockwatch May 26), Mr. Csurgo is the chairman and chief executive officer of Global Netertainment Corp. and the president of NXTi Corporation, a private high-technology and software developer. Based on advice received, Mt. Tom reports that the valuation opinion, financial statements and related filing documentation for the Vancouver Stock Exchange is in process and in most respects, near completion. The PAS submission is expected to be delivered by the sponsor to the VSE within the next few business days.
Mt. Tom will be holding its annual shareholders' meeting at 10 a.m., ET, on July 29, 1999, at 49 Bathurst St., Suite 301, Toronto, Ont. Shareholders are encouraged to attend as a demonstration of Global's gaming systems is planned for the meeting. At that meeting, the shareholders will be asked to approve the change of Mt. Tom's name to Global Net Entertainment Corporation. |
