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Omicron Sub-Licenses Four Internet Casinos for $1.2 Million After Finalizing Korean Gaming Software Agreement
BELLINGHAM, Wash.--(BUSINESS WIRE)--Sept. 20, 1999--Omicron Technologies, Inc. (OTC BB: OGPS) and its gaming licensing subsidiary, MaXuM Entertainment Ltd. (a Belize corporation), have signed four Internet Casino Access Licensing Agreements totaling $1,200,000 in initial licensing fees.
These fees are the first of many revenue streams expected by Omicron in the near future. Ongoing royalty revenue will be 25% - 35% of the gross revenues generated from each Internet Casino.
The company 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. Even though Omicron has not initiated its software marketing campaign, an overwhelming number of sub-licensing inquiries are received each week. Royalty revenue from the first four Internet Casinos is expected to commence January 2000.
Omicron and its software development subsidiary, Cyberweb Systems Inc., have finalized a strategic alliance with Fairwind Technologies Ltd., a Korean-based developer of "Next Generation" gaming software, by completing an exclusive development and licensing agreement. Fairwind will receive $375,000 in total compensation, 75% will be paid in staggered cash payments and 25% will be paid in common shares of Omicron.
Fairwind's programming team has developed a dynamic, interactive, multi-player Internet gaming platform. These interactive casino games include chat, private chat-rooms and multi-player private game rooms where participants can schedule to play against each other. Multi-player interactive poker will be one of the unique games featured. Cyberweb Systems, along with Fairwind, have been enhancing this gaming platform to the next level by developing multiple casino themes and customized avatar characters.
Players can chose these avatars or unique representative characters with different facial expressions to play in a variety of games. With a chosen avatar, each member will enter the "Lounge" area and chat with other members and friends. From the "Lounge" they can enter the private gaming rooms and chat areas or enter the "Casino Strip" where they will have a choice of various casino themes such as "All Star Club and Casino" or "The Emperors Club" etc. Live beta testing of the customized interactive casino software will begin in November 1999 and Version 1.1 is anticipated for release by January 2000 with live wagering and complete interactivity.
Datamonitor projects worldwide Internet gambling revenues to grow to $10.2 Billion by 2002, double the money wagered in Las Vegas last year. A Christensen/Cummings' Sinclair report estimated that total Internet gambling revenues will increase to $811 Million worldwide for 1999, up 25% from $651 Million in 1998. 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: Cryptologic Inc. (TSE: CRY), Starnet Communications International Inc. (OTC BB: SNMM), YouBet.com (NASDAQ: UBET), Executone Information Systems (NASDAQ: ELOT) and Bingo.com Inc. (OTC BB: BIGR).
Further to the August 27, 1999 news release, Omicron's management will be releasing the details of a major financing soon.
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.radiosat.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.
CONTACT:
Omicron Technologies
Barrett Sleeman, President
Telephone : 877-903-2288
Web sites : www.omicrontechnologies.com
www.radiosat.com |
