E-Vegas.com Inc. Announces Switch to New Casino Software Platform and Progress in Costa Rica Telecom Business
VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 3, 1999-- E-Vegas.com Inc. (OTC BB:EVCM) is pleased to announce that they have entered into a licensing agreement with Gateway Technology Inc. who will become the Company's new supplier of on-line gaming software.
"We are extremely excited about the depth and features of the software that Gateway offers us. While our previous software provider helped us get to this stage, Gateway's CasinoCasino software will help us accelerate our on-line gaming business. In addition to being leading edge gaming software, Gateway's solution provides us with AOL, WEB-TV and Chinese language capabilities," stated Ed Gallagher, President, E-Vegas.com Inc.
CasinoCasino is a customized, full service Internet gaming software system that includes the following features:
--12 Casino Games
--Chinese language version
--Backend administration with remote access
--I.P. tracking
--E-commerce software
--Complete technical support
--Secure transaction system
The CasinoCasino JAVA based software requires no downloading and provides the on-line gamer with instant access to games even through WEB-TV and AOL.
"This software and the management team backing it up will allow E-Vegas to aggressively pursue new elements of its business plan including increased promotional efforts and finalizing joint venture negotiations with Asian partners," added Ed Gallagher.
The Company expects that the CasinoCasino gaming platform will be completely installed and tested and available for play by Friday, August 6, 1999.
Gateway Technology Inc. is a subsidiary of Chartwell Technology Inc. (ASE:CWH) and is an Internet based e-commerce, software technology and service company that specializes in on-line gaming software and video conferencing. Additional information about the CasinoCasino software, Chartwell Technology Inc., their existing client list and management can be found at www.chartwelltechnology.com
Costa Rica Telecom Business Surging Forward
E-Vegas.com Inc.'s telecommunications business, which is enabled by their own telecommunications satellite earth station system, is making substantial progress in implementing its business plan.
The Company will become the only private non-government international telecommunications carrier and Internet bandwidth provider in Costa Rica. They have established a new wholly-owned subsidiary, Global E-Comm S.A. to develop and manage the telecommunications business opportunities that are rapidly emerging.
Global E-Comm S.A. has entered into an agreement to provide and manage the fibre optic telecom services for two new building projects in San Jose. The first project, which has just been completed, has the Home Shopping Channel as one of its tenants. The first building is expected to be completely utilized by February 2000. Each of the building projects are expected to utilize approximately 300 internet, telephone and data line connections.
The business of providing and reselling telecommunications services to businesses in these projects will generate substantial revenue and profits for Global E-Comm S.A. The remaining revenue generation and potential profit margins for telecommunications reselling once the first full project utilization are achieved are as follows:
Revenue of $4.1 ($US) million and net profit before taxes of $2.95 ($US) million
There are other telecommunications related projects, one of which is in the final stage of negotiation. Further announcements will be made once the deal is finalized.
About E-Vegas.com Inc.
E-Vegas.com Inc. (TM) is a casino and gaming business based in Costa Rica. The first element of its business is the establishment of an online casino and gaming business at www.e-vegasgaming.com . The Company is also in the process of developing related businesses and other electronic and e-commerce business that will enhance its overall growth and profit potential including telecom businesses in Costa Rica.
Frost & Sullivan estimate that wagering via the Internet was approximately $1 billion in 1998. Gaming consultants Christinansen/Cummings estimate Internet wagering to reach $2.3 billion by 2001. The Financial Times has estimated that the Internet gaming market will yield annual net earnings of US$10.2 billion by the year 2002. Playboy and Harrah's are now entering the sector.
This press release contains forward-looking statements with respect to the results of operations and business which could be materially different from those discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports to be filed with the Securities and Exchange Commission.
CONTACT:
E-Vegas.com Inc.
Tony Markus, 877/815-3238 or 604/608-6828
www.e-vegasgaming.com
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