Online Gaming Systems Announces Completion of $15 Million Global Infrastructure and Product Line Investment
Online's Investments in Infrastructure and Product Line Have Positioned the Company as a Market Leader in Interactive Products for the Regulated Gaming Markets Around the World
BOCA RATON, Fla.--(BUSINESS WIRE)--Nov. 22, 1999-- Online Gaming Systems, Ltd. (OTCBB: OGAM) announced the completion of the company's global infrastructure and completion of its version 2.3 product lines. Online had previously announced its third quarter results on Friday. The company also has implemented a policy only offering Online systems to land based gaming and wagering operators as further commitment to working within existing and proposed gaming legislation.
Online Gaming President & CEO Richard A. Iamunno stated, "The company has completed its investment in its global infrastructure with operations commencing in Boca Raton, Fla., Las Vegas, Nev., Sydney & Brisbane, Australia, Johannesburg, South Africa and London, England. This now totals over $15,000,000, and has positioned Online to achieve long term leadership in the real interactive gaming market -- servicing land based operators in leading regulated markets. Our alliances with John Huxley Casino Equipment and Anchor Gaming have positioned the company to start to receive new revenue streams early next year outside of it's direct efforts. Our operations in Australia and South Africa have the benefit of working within gaming legislation either already in place or pending that is supportive of Interactive gaming and wagering. The company continues its commitment to work within existing frameworks governing interactive gaming and wagering and thus is positioned and not precluded to capitalize on the steady increase of opportunities from the land-based operator segment from around the world."
Online Gaming Systems, Ltd. (www.ogsltd.com) develops and markets Internet and private network transaction based products that it only offers to licensed gaming operators in regulated jurisdictions. These products include: Internet Casino Extension(TM) (ICE(TM)), a growing suite of casino games; webSports(TM), a sports wagering system; Lotto Magic(TM) a lottery system for private, government and fund raising purposes; and Bingo Blast(TM) a multi-player system for charity and private organization use. The company also offers wireless and portable gaming devices through its Las Vegas based Excel Design, Inc., a wholly owned subsidiary.
This press release contains potential forward-looking statements regarding the Company. The future performance of the Company involves risks and uncertainties that could cause actual results to differ materially. Such risks include competition and pricing pressures, dependence on telecommunications carriers, management of growth, customer turnover, technological change, governmental regulation, unauthorized use of technology, system failures and a variety of stock market-related risks. For a more complete description of certain such risks and uncertainties, we refer you to the documents that the Company files from time to time with the Securities and Exchange Commission including 10K filed May 7, 1999 and form 10Q filed May 18, 1999.
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Contact:
Online Gaming Systems, Ltd., Boca Raton
Richard Iamunno, President & CEO
Phone: 561/393-6685
Fax: 561/393-1485
or
For Investor Relations please contact:
Ira W. Miller or Larry Fortune, 949/833-9001
Integrated Corporate Relations/Tom Ryan, 203/222-9013 |
