GNI Petroleum Inc -
GNI Petroleum to own and operate on-line
casino
GNI Petroleum Inc
GNT
Shares issued 4,700,275
1999-08-05 close $0.36
Friday Aug 6 1999
Mr. John Husdon reports
GNI Petroleum Inc. announced in Stockwatch June 2, 1999, that the company
intends to exercise its option to purchase all of the issued and outstanding shares of
Universe Holdings Inc., subject to regulatory approval. The company is now pleased
to announce that Universe has agreed in principle to own and to operate jointly an
on-line casino using IGN software. The two companies will then share equally in
operational costs and revenues. IGN and Universe have also entered into
discussions for Universe to market additional Casino licences.
The site being developed will be a customized, full-service Internet gaming system,
including IGN's award winning Gaming Infrastructure and a full complement of
popular casino games. The company is pleased that Universe has reached this initial
agreement with IGN and looks forward to Universe and IGN working together to
develop the site and to market additional Casino licences. This venture with IGN is
an excellent opportunity for Universe to diversify. IGN's new software has won
numerous industry awards, including the Gambling Registry's Golden Seal Award, a
5 Aces Award, and Game Royal's highest honour, its 5 Cards Award.
As announced in a previous news release in Stockwatch June 28, 1999, Universe
has developed two new Internet sites www.ponderosacasino.com and
www.theplayersclubcasino.com. The sites are fully operational and are contributing
strongly with Universe's five other sites to general revenues.
As announced in Stockwatch June 2, 1999, Global Securities Corp., a member
company of the Vancouver Stock Exchange is serving as sponsor for the company
and is performing due diligence on the company and its proposed change of business
through the proposed acquisition of Universe Holdings Inc. Following completion of
the assessment process, a report will then be referred to the exchange.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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