SOME NEWS !!!!!!! AND GOOD ONE
Interactive Gaming & Communications Corporation (IGC) Projects
3rd <SBET.OB> Monday October 25, 1999 - 10:17AM
Interactive Gaming & Communications Corporation (IGC) Projects 3rd Quarter Earnings to Reach .03 Cents Per Share and .05 cents YTD PLYMOUTH MEETING, Pa., Oct. 14 /PRNewswire/ -- Interactive Gaming & Communications Corporation (IGC) (OTC Bulletin Board: SBET) announced today that it expects to show consolidated profits for the 3rd quarter of operations ending September 30th 1999. This is now three straight quarters in a row for the company since restructuring itself from what was solely an I-Gaming company to a software developer and Internet Technology Company. The company expects that its consolidated operating income for the 3rd quarter to be approximately $650,000.00 on revenues in excess of $2 million or about a 30% return on revenues. This should translate to approximately .03 per share earnings on 23 million shares outstanding. Year to date figures for the 9 months were $1.3 million operating income on revenues of $9 million. The company's cash position has dramatically increased over the past several months. This was due to the acquisition of Century Industries and the subsequent sale of Scibal Associates and Gamblenet technologies for $1.8 million and $2.5 million respectively in which $1.1 million in cash payments have been received to reduce their notes to IGC in the 3rd quarter. The company operates 3 successful portal sites today under the names, GambleNet.com, WhoWonWhere.com and the popular casino gaming entertainment site PlayForFun.com. Revenue from the operation of these sites is derived from the sale of banner ads in the same manner as Yahoo, Lycos and other major search engines. The company has 3 other major proprietary portal and co-branded properties near completion or under development which, will be rolled out and announced over the next several weeks and months. It is anticipated that the traffic at these Internet sites hosted by the company will exceed 2 million people per week. The company expects this trend to continue through the 4th quarter with a substantial projected increase in ad revenue from its recent strategic alliances and co-branding of the free PlayForFun.com casino entertainment site. Mike Simone, President and CEO of IGC, said, "The future of our company is looking extremely bright. We have now put ourselves in a good cash position that is only going to improve over the next several months which will allow us to complete the projects at hand and successfully market these proprietary products to the market place." He further added that ... "However, I'm quite disturbed over the lack of attention the investment community is giving our company as reflected in the stock price. Here we are, an Internet technology company with $12 million in revenues, 3 straight quarters of earnings, the same or better products and services as Yahoo! and other popular portal sites and a greater growth potential than any competitors can claim. Yet, we're trading at $1.00 per share, a multiple of 10 X earnings, while a company like Yahoo with $40 million in revenue trades at near $200.00 or a multiple of 1000 X earnings. I believe that our stock price is extremely under valued!!!" Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities & Exchange Commission. SOURCE Interactive Gaming & Communications Corp. -0- 10/14/1999 /CONTACT: Mr. George Marshall, Investor Relations of Interactive Gaming & Communications, 610-941-0305, Ext. 21, or Fax, 610-941-4752, or Email, investorrelations@igccorp.com/ /Web site: igccorp.com /
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