Internet. E-Gaming. Revenue. Horse-racing. A great new Director.
Thanks for the pointer Roger.
Looks excellent to me.
All sides win. Mr. Ollington gets a stake in a company with great potential returns for him and New Gaming. Sungold gets a stake in a product that can be used on the Internet, or in one of the company's prospective developments, or anywhere electronic gaming is conducted.
Sungold remains debt free, and full dilution (250,000 shares) occurs after $500,000 in sales. The deal is a lock-up for Sungold. It's not partial or expiring rights; there's no letter of intent; the deal is done.
IMO, the combination of Mr. Ollington, New Gaming, and the marketing talents of Kim Hart and Sungold, will produce excellent results. Congratulations to them, the Directors of Sungold (particularly Don Harris, who I'm sure had a big hand in this), and Sungold shareholders.
I hope that we will soon be able to see a demonstration of the Horsepower Animated Racing Game, perhaps at the Sungold website.
.........
NEWS RELEASE
SUNGOLD GAMING INTERNATIONAL LTD.
1300 Park Place, 666 Burrard Street
Vancouver, BC V6C 3J8
August 31, 1999
Trading Symbol: SGGNF - BB
12g 3-2 (b): 82-2157
SUNGOLD GAINS "HORSEPOWER RIGHTS"
Sungold Gaming International Ltd. ("Sungold") has negotiated the North American and international internet rights, title and interest in the Horsepower Animated Racing Game. The Horsepower Game ("Horsepower") will be marketed to licensed operators by a subsidiary company 100% owned and controlled by Sungold. Horsepower is an exciting animated horseracing game which is viewed on a video monitor. Players can win between $50. - $1,000,000. from a $2. wager.
The estimated market for combined revenues both in North America and in legal internet jurisdictions is estimated to be $1,200,000,000 annually. This agreement gives Sungold the exclusive perpetual right and license to market the game, sub license the game, sell commercial sponsorships, advertising and other promotional materials in connection with the use of the technology. This includes the rights to all intellectual property including copyrights, patents and trademarks.
Sungold as part of this agreement will pay New Gaming Generation Pty. Ltd. ("New Gaming") of Victoria, Australia a 15% interest in the net revenues of the Horsepower Game, as well as 250,000 common shares of Sungold once $500,000 in net revenues is generated from Horsepower. NEW DIRECTOR APPOINTMENT
Mr. Robert Ollington 42, has joined the Board of Directors of Sungold and brings with him a wealth of experience in the areas of Gaming & Racing. Many of Sungold's projects fit with Mr. Ollington's areas of expertise. Mr. Ollington's cutting edge industry knowledge resulted in him developing the Horsepower Game.
As Managing Director of Ollington Gaming, Robert has been involved in consulting to many areas of the Australian Racing and Gaming industry. He has consulted to The Victorian Government, the Victorian Racing Industry, the Victorian Totalisator Agency Board, Returned Servicemen's League, Licensed Clubs Association and many licensed Sporting Associations in Australia. Mr. Ollington is an approved supplier to casinos in Victoria.
His work with the Victorian Totalisator Agency Board (TAB) was considered invaluable in assisting the TAB in increasing the TAB's market share of gaming in Victoria by 20% overall.
Mr. Ollington has gaming products patented & trademarked in both the USA and Australia. He has gaming products approved by the Gaming Control Board of Nevada and is approved to supply "proprietary games" to casinos in Nevada.
Mr. Ollington has been sought by the Australian media and film industry for his knowledge on the history of gaming in Australia. He is considered by many in Australia to be an expert in the Gaming Industry.
Mr. Ollington has been issued 100,000 options of Sungold Gaming International Ltd. common shares at .75 per share until 2004.
The Board of Directors feel Mr. Ollington will make a valuable contribution both domestically and internationally.
SUNGOLD GAMING INTERNATIONAL LTD.
Per:
Kim N. Hart, President
TEL: (604) 669-9580
For more information regarding this release or to be updated on future corporate news, please contact Anne Kennedy at (604) 669-9580 or contact Anne by email: akennedy@sungoldgaming.com
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