August 10, 1999 NEWS RELEASE
dot com Entertainment Group Inc.
Olympic Tower, 300 Pearl Street, Suite 200
Buffalo, New York 14202
10SB Update and Recent Developments
BUFFALO, NY: August 10, 1999 - dot com Entertainment Group, Inc. ("DCEG" or "dot com") (PINKSHEETS: DCEG) is pleased to announce today its receipt of comments from the Securities and Exchange Commission (hereinafter "SEC") which are in response to the company's 10SB filing made on July 2, 1999. The 10SB was filed with the SEC in order that dot com can become a fully reporting company with the SEC and have its shares quoted on the OTC Bulletin Board.
The company confirms that in their letter dated August 6, 1999, the SEC requested the provision of additional disclosure on certain factual matters contained in the 10SB and that the company clarify some of the statements made in the filing. The company was also asked to provide additional audited financial statements for previous financial periods.
The company has completed its draft response and amendments to the 10SB in accordance with the SEC's letter and it is now gathering the required financial documents from its accoutants. "We have already prepared our draft response to the SEC on all of their questions and we expect to be in a position to file this information by the end of this week" said Scott White, dot com's President and CEO "we anticipated most of the SEC's inquiries, which were not substantial, and are in a very good position to finalize this matter within the next few weeks at which time we will be pleased to announce that we are a fully reporting company".
The company plans to immediately have its shares returned to the OTC Bulletin Board upon the approval of the 10SB. Presently, shareholders and interested parties can get a quote on the Company's shares through the "Pink Sheets". It also is in the process of preparing its 10Q, which will be filed after the approval of the 10SB and which will contain up to date financial information for dot com.
With respect to other news, the company is currently negotiating with four sub-licensees and hopes to be in a position to announce over the next few weeks CyberBingo™ sub-license and marketing arrangements in the French and Spanish languages. It is also negotiating with two other groups who have excellent, focused exposure to Bingo players and who can make a significant contribution to dot com brand exposure.
The Company also announces its continued success with further enhancements to its CyberBingo™ game system including the creation of various successful marketing initiatives and back-end accounting and management systems, which include the CyberBingo™ Bingobuddies Program and the CyberBingo™ Partners Program. Both of these programs have been designed to allow the CyberBingo™ game system to receive additional exposure to players, resulting in larger royalty and support and maintenance income to dot com and better brand recognition for the dot com brand of software products.
Additional new features to the CyberBingo™ game system include a re-generated web-site, with a cleaner look and the introduction of an hourly $1,000 jackpot prize, with a corresponding back-end management system.
"We continue to improve the user friendliness and playability of this award winning software with the intention of making it the world's largest bingo hall", said Perry Malone dot com's VP of Technology. "We are so pleased to see the continued growth of this software innovation and its exposure internationally as the best bingo game on the Internet".
The CyberBingo™ game system now hosts as many as 600 bingo cards in any given jackpot game during evening hours (EST). This is compared to player activity of 20-50 cards only a few months ago, illustrating much larger penetration of the on-line Bingo market and further success of dot com's long term business plan, which is to create and manage the software which hosts the world's largest bingo game.
Over the next few months, the Company will make further announcements on the development and successful implementation of its long term business plan, which is available for review at www.dceg.com both in print and in real audio (see President's message on Web Site).
The dot com website can be visited at www.dceg.com. This site has links to the CyberBingo™ game system (www.cyberbingo.net), which operates 24 hours per day, 120 times per day, and is played by players from countries throughout the world. dot com plans to expand its Internet and commercial software product base in 1999 to become a leading provider of Internet entertainment software products and services.
FOR FURTHER INFORMATION PLEASE CONTACT:
Scott White, President or Andre Kern, Controller & Investor Relations at dot com Entertainment Group, Inc.: (416) 366-8111 akern@dceg.com
Investors Contact: Juan Dominguez & Dian Griesel, Ph.D.
Media Contact: Richard Landat The Investor Relations Group: (212) 736-2650
or
Investors Contact: Al Turano
TKO International: (303) 850-7896
.com is a development-stage company. Certain of the information contained in this news release constitutes "forward-looking statements", including but not limited to those with respect to the future revenues, the Company's development strategy, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the continued acceptance of the Internet, number of visits to the Company and it's affiliates web sites, as well as those factors disclosed in the Company's documents filed from time to time with the United States Securities and Exchange Commission. |
