B: IGC NOT A 'PENNY STOCK' WITH CONSOLIDATION OF CENTURY INDUSTRIES; SEEKS TO
APPLY FOR ELEVATED STOCK CLASSIFICATION WITH $13,220,000 IN ASSETS, $6,108,000
in Equity, and $3,340,000 in Revenue and $.02 Per Share Earnings
PLYMOUTH MEETING, Pa., Aug 3, 1999 /PRNewswire via COMTEX/ --
Interactive Gaming & Communications Corp. (IGC) (OTC Bulletin Board:
SBET) a Philadelphia-area Internet software development company has
filed its required 8K statement with the Securities and Exchange
Commission detailing its acquisition of the controlling interest in
Century Industries along with pro forma consolidated financial
information.
The consolidation of the two companies takes IGC out of the "Penny
Stock" classification as defined under Rule 3a51-1 Definition of a
"Penny Stock" in the opinion of counsel. The result of the acquisition
and consolidation now gives IGC $13,220,000.00 in total assets with $6,
108,000.00 in shareholders' equity. Revenues from the combined
companies for the first quarter of 1999 total $3,340,000.00 with
operating income of $468,000.00 resulting in $.02 per share earnings.
The result of the Penny Stock restriction being removed is significant
in that the Company and its investors can now expect to see support for
its stock from the major security houses throughout the country.
Brokers can now freely trade the stock with its customers without all
of the priorwritten acknowledgments as previously required. (Interested
Brokers or Dealers may obtain required copies of the company's
financial statements by downloading a copy from IGC's Web site or
contacting the company directly).
The company further intends to seek a listing with a regional or
national exchange. The company believes that due to the acquisition it
now has the required capital, assets and revenue acceptable by many of
the available exchanges and will immediately begin the process of
making application foralisting.
Mike Simone, President & CEO of IGC said, "Having IGC listed on a
regional or national exchange has always been one of the company's
goals. Now withthe acquisition of Century the perfect opportunity
exists and we intend totake full advantage by applying as soon as
possible." He further added, "Thisis not only a great opportunity for
the company, but for the shareholders as well who have supported and
believed in us since the very beginning."
About Interactive Gaming & Communications Corp. Through its subsidiary,
Intersphere Communications Ltd. (http://www.intersphere.com), the
company focuses on online development and software design and markets
its world-renowned gambling software, The Live Action Gaming Platform,
for online or land-based casino gaming. Intersphere also maintains its
own proprietary online properties including a gaming related portal
site called Gamblenet (http://www.gamblenet.com), Who Won Where.com
(http://www.whowonwhere.com) and Play for Fun.com
(http://www.playforfun.com), a free prize-based web site which it
maintains and also private-labels to companies who want to offer a
unique entertainment experience to their user base. Intersphere's
clients include Metro-Goldwyn-Mayer Inc. and Comcast Communications,
among others. For more information about Interactive Gaming &
Communications Corp., visit theirweb site at igccorp.com.
The statements in this press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934 and are
subject to the safe harbor created by these sections. Actual results
may differ materially from IGC's expectations.
SOURCE Interactive Gaming & Communications Corp.
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com -0-
CONTACT: Mr. Marshall, Investor Relations of Interactive Gaming &
Communications, 610-941-0305, ext. 21, or fax,
610-941-4752, or E-mail,
investorrelations@igccorp.com
WEB PAGE: whowonwhere.com
gamblenet.com
playforfun.com
intersphere.com
igccorp.com
GEOGRAPHY: Pennsylvania
INDUSTRY CODE: CNO
MLM
SUBJECT CODE: TNM
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