E-Vegas.com Inc. (OTC BB:EVCME - news) is pleased to announce that its
subsidiary, Global E-Comm S.A., has entered into a Memorandum of
Understanding with a leading regional telecommunications agency and
business consultant in Costa Rica.
In addition, the company is happy to report that the new buildings in
which they have the telecommunications services contracts are
substantially ahead of occupation schedule. Memorandum of Understanding with Leading Telecommunications Agency
The MOU is to form a joint venture corporation, Allied Telecom S.A.,
with Global E-Comm S.A., I.T.S. Equipos Y Sistemas Infocom S.A.
(''ITS'') and Juan Jose Wedel (''Wedel'') as partners. ITS is a
regionally based telecommunications infrastructure development firm
that is the exclusive consultant to the Costa Rican government
sanctioned telecom monopoly, Radiografica Costarricense S.A. (RACSA).
Wedel is a seasoned business consultant with substantial political and
business contacts in the area. The Company will receive 45 percent of
the profits generated by the business of Allied Telecom S.A. In
addition, the agreement states that any capital funding provided by
Global E-Comm for telecom projects will be repaid over a 1.5 year term
and profit will be calculated net of the capital repayment to Global.
''This joint venture to establish Allied Telecom solidifies our
position firmly in the telecommunications sector in the region. ITS and Wedel bring the specific technical services, support, reputation and contacts necessary for us and our proposed telecom partner, Dimension House Inc., to rapidly develop numerous telecommunications projects in Costa Rica and elsewhere in the region,'' stated Ed Gallagher,President of E-Vegas.com Inc.
The first project that the agreement pertains to is the delivery of
telecommunications services to the new Torre Mercedes Siglo XXI
building in downtown San Jose, Costa Rica. The company's role in this
project, which was first announced on Sept. 13, is to provide the
financial resources to complete the project. The Torre Mercedes
building's major tenants are Fortune 500 companies, embassies, and
E-Vegas.com Inc.
The Torre Mercedes building will become a significant business and
social centre in San Jose because it will also be the location of Casa
Magna, an elite social and fitness club that will cater exclusively to
leading financiers, industrialists, investors and leaders of the
country.
The Casa Magna will include the latest in fitness equipment and
facilities, videoconferencing facilities, multi-media production
services, a conference centre and library. The President of Costa Rica, the Honorable Miguel Angel Rodriguez, will conduct the ribbon cutting ceremony to open the building.
The Company will invest $600,000 U.S. in fibre optics, satellite
linkages, and other telecom services and infrastructure to complete the project. The other partners in Allied Telecom will provide technical and management expertise, existing infrastructure including land based satellite systems, telecom networks and fibre optic links for the projects to be developed by Allied Telecom S.A. These partners will also provide capital injections on a project by project basis.
Occupation Ahead of Schedule for Other Telecom Building Projects
The company is contracted to provide telecommunications services for
the first of two Escobar buildings in San Jose. When this project was
first announced, it was expected that the building would be fully
occupied by February 2000. The company is now pleased to announce that
the building is fully occupied for October and the company finalizing
the telecom installations.
In other developments, the second Escobar tower is also ahead of
schedule and expects to be completed fully 3 months ahead of schedule.
The Torre Mercedes building is also making substantial progress and has leased out 3 of the 11 available floors.
About E-Vegas.com Inc.
E-Vegas.com Inc. (TM) is a casino and gaming business based in Costa
Rica. The first element of its business is the establishment of an
online casino and gaming business at www.e-vegasgaming.com . The
Company is also in the process of developing related businesses
including telecommunications ventures and e-commerce business that will enhance its overall growth and profit potential in Costa Rica.
Frost & Sullivan estimate that wagering via the Internet was
approximately $1 billion in 1998. Gaming consultants Christinansen/Cummings estimate Internet wagering to reach $2.3 billion by 2001. The Financial Times has estimated that the Internet gaming market will yield annual net earnings of US$10.2 billion by the year 2002.
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