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Non-Tech : Global Net Entertainment
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To: Keiv who wrote ()11/18/1999 2:21:00 PM
From: William Jones   of 28
 
Good news,

Global Net's Honduran lottery guarantees over $2m/year

Global Net Entertainment Corp GET
Shares issued 8,865,256 Nov 17 close $1.03
Thu 18 Nov 99 News Release
Mr. Julius Csurgo reports
Further to the company's press release in Stockwatch Nov. 11, 1999, the
signed English translation of the letter of intent with the Loteria
Nacional-mayor y Menor (the Honduran lottery agency) confirms that the
Honduran lottery agency will guarantee minimum gross sales of $15-million
(U.S.) per year for a period of seven years. This converts into minimum net
revenues to the company of $2,225,000 (U.S.) per year over the seven-year
period.
The company will be working with the Honduran lottery agency to finalize
the formal binding agreement between the parties, and expects to have it
executed within the one-month period stated in the letter of intent. The
company is immediately proceeding with the fulfillment of its obligations
under the expected agreement, and management expects to supply all aspects
of the lottery system including the necessary technical, sales,
administrative and training expertise, in a timely fashion. The company is
looking at various options with respect to raising the moneys required.
This transaction is expected by management to be the first of a number of
lottery related government contracts with respect to Central and South
America. Concurrently the company is actively working on a number of gaming
related business transactions in Central and South America.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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