Hi Biff,
All in all a good announcement, appears to be some early profit taking. Hope to see more releases like this.
Global Net to provide lottery terminals in Honduras
Global Net Entertainment Corp GET
Shares issued 8,865,256 Nov 11 close $1.04
Fri 12 Nov 99 News Release
Mr. Julius Csurgo reports
Global Net Entertainment has entered into a letter of intent with Loteria
Nacional-Mayor y Menor, an agency of the government of Honduras, to provide
200 retail lottery terminals.
The letter of intent requires Global Net Entertainment to supply, install
and support the lottery terminals, central gaming system hardware and
software license. Global estimates the costs to deliver the system at
$2.1-million (U.S.). Global will receive 15 per cent of gross revenue from
the system for a period of seven years.
Julius Csurgo, chairman and chief executive officer of Global, states that
"this represents an important strategic milestone in the development of the
company's South American business involving both tradition retail and
online Internet gaming operations."
Fernando Alv Arenga, principal of Despacho de Abogados works frequently for
the Honduras government, and is an adviser to the central bank of Honduras
and the Honduras stock market. Loteria Nacional will be represented by
German Carias, an engineer, who works for Despacho de Abogados. Global will
be retaining the services of an international law firm in Honduras to
provide legal representation.
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