Applied Gaming two-month progress on Hanoi lottery operations
Applied Gaming Solutions of Canada Inc AGC
Shares issued 21,500,004 Oct 20 close $0.75
Thu 21 Oct 99 News Release
Mr. David Aftergood reports
As of Oct. 9, 1999, the Construction Lottery of the Capital-Hanoi has been
in operation for two months. The technical performance of the system has
been flawless. All the financial and technical obligations in the contract
have been honoured, including the weekly payments that are being received
in U.S. dollars by AGS's designated bank in Canada.
Payments to AGS from its percentage of lottery revenues are fully
consistent with the company's expectations for the startup. AGS forecasts
called for modest initial revenues based on the experience of other on-line
lottery startups. Also consistent with AGS forecasts, the Hanoi lottery
revenues are expanding on a month-to-month basis, as awareness and
acceptance of the new lottery grows quickly in Hanoi.
AGS also is pleased to announce that the first tier prize level, that
includes the grand prize and the second place prize from the daily Lotto
1-2-3 game, were both won on Oct. 10, 1999, for the first time. The grand
prize of the daily Lotto 1-2-3 game is a guaranteed $300-million VND, while
the second prize is a guaranteed $30-million VND.
In addition to the two first tier prize winners, the daily Lotto 1-2-3 game
has so far produced over 60,000 other prize winners who have won prizes
ranging from $12,000 VND up to $6-million VND. The total prize money paid
out to date from the Lotto 1-2-3 game alone exceeds $2.0-billion VND.
"Having the first grand prize winner is a significant occasion. These grand
prize winners will enhance the integrity of the lottery and contribute to
the lottery's continued expansion. As well, the lottery is producing daily
winners which in turn has a positive effect on sales," said David
Aftergood, president and chief executive officer of Applied Gaming
Solutions.
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