VentureTech to Acquire Cyberdome Entertainment; Expands Online Gambling
Business and Adds Internet Video Game Tournament Network
VANCOUVER, British Columbia, Nov 14, 1999 (BUSINESS WIRE) --
VentureTech, Inc. (OTC BB: VTEH), (`the Company) a US Corporation, has
signed a letter of intent to acquire CyberDome Entertainment Inc.
("Cyberdome"), a privately held company located in Ottawa, Ontario,
Canada.
CyberDome operates the futuristic 25,000 square foot "CyberDome Virtual
Reality Theme Park" in Eastern Ontario's largest indoor mall. This
Location Based Entertainment Center ("LBE") features motion simulators,
virtual reality rides, interactive games, laser tag arena, etc. In
addition, it has developed a line of "cyberpod" video game machines
which enable the participant to enjoy a multiplayer game not only with
players in the same facility, but with those in other facilities and at
home on the internet.
Cyberdome intends to become the leader in online/onsite multiplayer
(non gambling) gaming and will officially launch its gaming website,
cyberdomeonline.com in the first quarter of 2000. The site will feature
tournaments among online and onsite players for cash prizes. Alliances
with other LBE's will promote the website to the predominantly
Generation X members of those locations. In North America there are
approximately 3,500 LBE's with an estimated 14 Million members. Players
at the online site will be provided with incentives to visit the
locations of the company's network affiliates.
"We are excited to have found a partner who understands the online
gaming business," stated Eric Hutchingame, C.E.O. of Cyberdome.
"VentureTech's experience in developing and marketing online casinos in
a highly competitive environment will be invaluable. Industry revenues
for both online and onsite entertainment are expected to exceed $11
Billion next year and we see significant growth potential," he further
stated.
"Cyberdome complements our existing online gambling business and fits
into our strategy of becoming a leading online gaming and entertainment
business," stated William Baker, C.F.O. of VentureTech. "Significant
website traffic for our casinos comes from North America and, due to
the uncertain legal environment for online gambling, we have chosen not
to accept players from Canada or the U.S. We will now be able to send
this traffic to the Cyberdome website and receive qualified leads in
return. This will provide the Company with new avenues for attracting
international players who can play for real money at its recently
launched E-Casinos (www.ecasino.com or www.asiacasino.com) utilizing
gaming systems licensed from Starnet Systems International Inc., a
subsidiary of Starnet Communications (OTC: BB SNMM)."
Revenue for Cyberdome is forecast to be approximately US$620,000 for
1999. Future revenue will be derived from the operation of its
facility, sales of cyberpods, tournament fees, website advertising and
e-commerce. "We have positioned the company to enjoy strong revenue
growth over the next few years, not only from existing operations but
from new initiatives coming on stream," stated Hutchingame. "We believe
that by setting up the tournament network and by providing a seamless
integration of online and onsite play, we will attract a large
membership for the website, with demographics which will be very
desirable to advertisers."
In order to acquire Cyberdome, the Company will issue convertible,
retractable, preferred shares. Closing of the acquisition is expected
to take place in early January 2000.
VentureTech, Inc. is a high technology investment and finance company
that commercializes leading edge technologies for emerging markets with
a focus on internet related opportunities.
The above statements in regard to VentureTech, Inc. and Cyberdome
Entertainment Inc. which are not purely historical are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including VentureTech, Inc. Cyberdome Entertainment
Inc's beliefs, expectations, hopes or intentions regarding the future.
All forward-looking statements are made as of the date hereof and are
based on information available to the parties as of such date. It is
important to note that actual outcome and the actual results could
differ materially from those in such forward-looking statements.
Factors that could cause actual results to differ materially include
risks and uncertainties such as technological, legislative, corporate
and marketplace changes.
Investor Relations: Toll-Free (800) 488-7151 or visit www.vteh.com.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: VentureTech Inc
William Baker, 604/990-9889 (C.F.O.)
bbaker@vteh.com
or
Cyberdome Entertainment, Inc
Eric Hutchingame, 613/742-6540 ext. 300 (C.E.O.)
ehutch@cyberdome.ca
or
Investor Relations
Toll-Free, 800/488-7151
www.vteh.com |
