Atlantic International Entertainment, Ltd. Announces Licensing Agreement With The LAC Vieux Desert Band Of Lake Superior Tribe Of Chippewa Indians (LVD) For Proprietary Internet Bingo System
Atlantic's Technology Assists The LVD Tribe In Offering Class II Bingo To A World-Wide Internet Audience
BOCA RATON, Fla., Aug. 23 /PRNewswire/ -- Atlantic International Entertainment, Ltd. (OTC Bulletin Board: AIEE - news) announced today that it has entered into a license agreement with the Michigan-based LAC Vieux Desert Band of Lake Superior Tribe of Chippewa Indians (LVD) for its Internet-based Bingo System, Bingo Blast. The LVD Tribe is a licensed, controlled and regulated Internet on-line Bingo Operator. The license calls for up front fee's with monthly revenue streams. Specific financial terms were not disclosed.
AIE President & CEO, Richard A. Iamunno, stated, ``The licensing agreement with the LVD Tribe is significant for Atlantic on a number of fronts. First, the economic agreement strengthens our high margin, recurring revenue model that began its momentum in our recently reported June quarter. Second, in keeping with our internal criteria, the Tribe operates in a regulated environment and will be implementing the system under a valid Class II license. Third, this agreement marks our second system licensed to a Native American gaming operator and underlines the growth potential for our systems in this relatively unoccupied and growing marketplace.' Iamunno added, ``We plan on working closely with the tribe to reach a global customer that would never have been exposed to their unique brand of gaming without our technology.'
LVD Internet Bingo Manager, Arthur Schenk, stated, ``Our search for a highly reputable, professional, and experienced software developer who can provide an interactive Bingo Game that reflects our commitment to accountability has culminated with the selection of AIE. We are extremely pleased with this Internet Bingo System that will help assist the LVD Tribe carry out our goal of being a licensed, controlled and regulated Internet on- line Bingo Operator, while at the same time possessing the ability to ensure the end-user they are participating in an honest and fair game. Additionally, the offering of AIE's e-commerce financial services allow us the flexibility we need in order to best suit our needs.'
Atlantic International Entertainment, Ltd. ( www.aieltd.com ) develops and markets Internet and private network transaction-based products that it only offers to licensed gaming operators in regulated jurisdictions. These products include; Internet Casino Extension(TM) (ICE)(TM), a growing suite of casino games; webSports(TM), a sports wagering system; Lotto Magic(TM) a lottery system for private, government and fund raising purposes; and Bingo Blast(TM) a multi-player system for charity and private organization use. The Company also offers wireless and portable gaming devices through its Las Vegas-based Excel Design, Inc., a wholly owned subsidiary.
This press release contains potential forward-looking statements regarding the Company. The future performance of the Company involves risks and uncertainties that could cause actual results to differ materially. Such risks include competition and pricing pressures, dependence on telecommunications carriers, management of growth, customer turnover, technological change, governmental regulation, unauthorized use of technology, system failures and a variety of stock market-related risks. For a more complete description of certain such risks and uncertainties, the company refers you to the documents that the Company files from time to time with the Securities and Exchange Commission, including 10K filed May 7, 1999, and form 10Q filed May 18, 1999.
For Investor Relations please contact: Ira W. Miller or Larry Fortune, (949) 833-9001.
SOURCE: Atlantic International Entertainment, Ltd.
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