Thursday August 12, 5:00 am Eastern Time
Company Press Release
Omicron Forms Strategic Alliance With Korean Software Developer
BELLINGHAM, Wash.--(BUSINESS WIRE)--Aug. 12, 1999--Omicron Technologies, Inc. (OTC BB:OGPS - news) and its subsidiary Cyberweb Systems have formed a strategic alliance with Fairwind Technologies Ltd., a Korean-based developer of ``Next Generation' gaming software.
Fairwind has developed a dynamic, interactive, multi-player Internet gaming platform. Players can chose Avatars or representative characters with different facial expressions to play in a variety of games. These interactive casino games include chat, private chat-rooms and multi-player private game rooms where participants can schedule to play against each other.
The company has completed a letter of intent with Fairwind for the exclusive development and marketing of this ``Next Generation' gaming software. A final agreement is expected to be completed within the next several weeks. This alliance allows Omicron to expedite the delivery of its own gaming software while continuing to concentrate on the development of MaXuM Bingo and other new interactive gaming products. Live beta testing of the customized interactive casino software is anticipated to begin on November 1, 1999.
Omicron expects to sub-license over 50 Internet casinos within the next six months. The projected revenues from these sub-licensees will be more than $30 Million per year or $50,000 a month per casino. The development of Omicron's own ten unique, targeted, theme-based casinos within the next year, including the Lucky Eight Casino (www.luckyeightcasino.com), should generate additional revenues exceeding $24 million per year. Combined with its estimated online bingo revenues of $26 million, Omicron's management anticipates total revenues in excess of $80 million in 2000 from its casino and bingo operations.
Datamonitor projects worldwide Internet gambling revenues to grow to $10.2 billion by 2002, double the money wagered in Las Vegas last year. Omicron's management believes it is extremely well positioned to capitalize on the incredible growth expected in the Internet gambling industry as a whole.
Omicron is committed to become a preferred supplier of online gaming systems and a leader in the Internet gaming industry. Competitors in this industry include: Bingo.com Inc. (OTC BB:BIGR - news), Bingo & Gaming International Inc. (OTC BB:BING - news), New Discoveries Publishing Corp. (OTC BB:NWDP - news), Casinolive.com (OTC BB:YBET - news), Cryptologic (TSE:CRY - news), GLC Limited (Nasdaq:GLXW - news), Starnet Communications International Inc. (OTC BB:SNMM - news), GIC Global Entertainment Corp. (OTC BB:GGNC - news) and YouBet.com (Nasdaq:UBET - news).
Omicron Technologies, Inc. is in the business of acquisition, research and development, and marketing of leading edge technologies for the Aerospace, Telecommunications, Defense, Consumer Electronics and Internet-based business concepts. Through the combined strategy of focusing on marketing niches and speedy development of its proprietary technologies, Omicron hopes to gain significant market penetration in these areas.
For further information, contact us toll free at:
Telephone: 877/903-2288
Web sites: www.omicrontechnologies.com
www.4value.com
www.market-infocom.com
www.thesubway.com
OMICRON TECHNOLOGIES, INC.
Barrett Sleeman, President
NOTE: Safe Harbor for Forward-Looking Statements
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, volatility of prices, product demand, market compensation, risk inherent in the company's international operations, imprecision of reserve estimates and the company's ability to replace and expand reserves.
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Contact:
Omicron Technologies, Inc.
Barrett Sleeman, 877/903-2288
www.omicrontechnologies.com
www.4value.com
www.market-infocom.com
www.thesubway.com
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