Wednesday August 4, 2:08 pm Eastern Time
Company Press Release
Virtgame.Com is the New Name for Virtual Gaming Technologies
SAN DIEGO--(BUSINESS WIRE)--August 4, 1999--Virtual Gaming Technologies, Inc. (OTC:BB: VGTI) announced today that
shareholders have voted to change the name of the Company to Virtgame.Com Corp.
The Company said that its name change was effective Tuesday, August 3, 1999. The symbol for the Company's stock will remain VGTI.
In announcing the change, Joseph R. Paravia, President and Chief Executive Officer of Virtgame.Com said, ''This name change was done to reflect the
Company's intention to serve as a provider of Internet software and application solutions for the gaming industry.''
''This is a niche market and we believe that we are well positioned to take advantage of the opportunity to make alliances with the major land based
casinos and sports wagering companies,'' he added.
On August 2nd, the Company reported a 90 percent increase in net gaming revenues for the second quarter of 1999 compared to the second quarter of
1998. For the six months ended June 30, 1999, net gaming revenues increased more than 170 percent over the same six month period in 1998.
The Company announced in late July that passage of the U.S. Senate Judiciary Committee bill to ban sports and casino gambling over the Internet in the
United States would not effect the operations of its subsidiary, Virtual Gaming Technologies Antigua, Ltd., because VGTA provides Internet gaming and
sports betting exclusively to non U.S. residents. It also will not affect VGTI's business strategy to become an Internet software provider to the gaming
industry.
Virtgame.Com, San Diego, Calif., is an Internet gaming company which offers on-line casino-style gaming and international sports wagering exclusively
for non U.S. residents.
This news release contains forward looking statements that are based on the Company's beliefs as well as assumptions made by information currently
available to the Company. When used in this news release, the words ''believe,'' ''expect,'' ''anticipate,'' ''estimate,'' ''intend'' and similar expressions are
intended to identify forward looking statements. Such statements are subject to certain risks, uncertainties and assumptions, which are identified in
the Company's Annual Report on Form 10-KSB filed with the Securities and Exchange Commission, and subsequently filed SEC reports. Should any of
these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results will vary materially from those anticipated,
estimated or projected and the variations may be material.
This releases and prior releases are available on the KCSA Public Relations Worldwide website at www.kcsa.com. |
