CasinoBuilders.com and dot com Entertainment Group Sign Joint Venture LOI
Partnership Will Focus on Internet Transition of $70 Billion Bingo Market
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Nov. 18, 1999-- CasinoBuilders.com (OTCBB: CSNO - news) and dot com Entertainment Group, Inc. (OTCBB: DCEG - news) announce a joint venture focused on providing entertaining Bingo products, featuring 3D Avatar technology to a global marketplace. The flagship product of the joint venture will be ''Bingo Gals(TM)'', a Bingo gaming portal that will feature 3D Avatar technology developed by Lost Boys interactive, Netherlands combined with the excitement of the technology advanced bingo software developed by dot com Entertainment Group.
According to International Wagering Gaming Business (a North American publication that focuses on the gaming industry), on a per visit basis, more people visit land-based Bingo Halls than all Hollywood movies, rock concerts, professional sports and casinos combined. Worldwide, land-based Bingo draws over $70 Billion per year. This is extremely exciting when you combine it with the power of the Internet. Bingo is currently the most socially accepted form of wagering in North America, with a 79% acceptability rate from the general public. This is mostly due to its association with churches, charities, and
non-profit organizations.
dot com (www.dceg) will license to the joint venture its award winning Internet Bingo technology, which will be re-sold by the joint venture under the name ''Bingo Gals(TM)'' to clients throughout the world as a segmented software system or as part of a larger software bundle. Depending on the needs and requirements of each licensee, dot com's Internet Bingo technology may be bundled with CasinoBuilders' 3D Avatar Technology, developed by Lost Boys interactive of the Netherlands, or re-sold on its own to existing CasinoBuilders' licensees throughout the world. dot com will own a 25% interest in the joint venture. In addition to providing the technology necessary for the joint venture to license and supply on-line Casino technology,
CasinoBuilders will also provide licensing, hosting, e-commerce, marketing and related operational support services. All fees
associated with the joint venture's sale of technology and the partners will share support.
''We are pleased to join CasinoBuilders.com in this joint venture, leveraging their unique marketing skills and strategic relationships, to strengthen our market leadership in the area of on-line Bingo technology,'' said Scott White, President of dot com. ''Not only will this joint venture create synergies for both companies in terms of marketing and market reach, but CasinoBuilders' 3D Avatar system will now allow us to penetrate new ''enhanced graphics'' markets, which may be the future in the area of on-line entertainment systems.''
Through its involvement in this joint venture, dot com plans to immediately increase the visibility and use of its on-line Bingo
technology. More importantly the company will gain exposure to new markets such as Europe and the Netherlands. With Europe expected to be the fastest growing Internet frontier by 2003 with more than 30% of the Internet's users (see Business 2.0 November 1999), dot com will benefit from CasinoBuilders' relationships in this large growth market. Through its access to CasinoBuilders licensees, dot com will have opportunity to develop new license arrangements for its on-line Bingo technology while the joint venture offers Bingo technology systems which will include Avatar technology.
CasinoBuilders.com (www.casinobuilders.com) is an Internet technology company that provides client segmented or turnkey technology systems including e-commerce, licensing, hosting, software, marketing and operational support services. Recognized for creativity and innovation in the use of Avatar Technology the company recently announced the completion of its planned Netherlands Antilles acquisitions, making it a complete ''turn-key'' service provider. Combined with this launch into the Bingo arena, CasinoBuilders.com plans to extend its popular Internet loyalty awards program, E-Players Club (www.e-playersclub.com) to the Internet Bingo industry.
Andy Ruppanner, President and CEO of CasinoBuilders.com stated: ''We are a market driven company, eager to serve the Internet Bingo market, through this opportunity to partner with the best in the business. Bingo Gals(TM) was originally targeted at the British market, however the combination of leading technologies from both Lost Boys and dot com Entertainment group allow us to serve all global markets with the best Bingo product in the industry. Our goal is to become the leading services provider to the Internet Bingo industry.''
CasinoBuilders.com provides innovative services to the Internet entertainment industry, designed to provide client segmented or
turnkey solutions, including e-commerce, licensing, hosting, software, marketing, and operational support services in an ''off-shore'' environment. Recognized for creativity and innovation, the company is dedicated to ''Helping Internet entrepreneurs turn their visions into successful companies.'' For additional information about our company, please visit our website www.casinobuilders.com, or call our Investor Relations Department toll free at 1-800-548-0010.
Please note: Included in this press release are ''forward-looking statements'' within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurances that such expectations reflected in such forward-looking statements will prove to have been correct.
Contact:
CasinoBuilders.com
CJ Craig, Investor Relations, 1-800-548-0010 |
