Global Net and Videos Del Tropico enter VLT agreement
Global Net Entertainment Corp
GET
Shares issued 8,865,256
1999-11-24 close $1.47
Thursday Nov 25 1999
Mr. Julius Csurgo reports
Global Net Entertainment has entered into a binding agreement with Videos Del
Tropico, a charitable society registered in Honduras, to provide 50 IGT Word Touch
video lottery terminals (VLTs).
Victor Alvarenga Funes, a public accountant, signed the agreement as an authorized
agent for Videos Del Tropico. Videos Del Tropico has a government permit to
install up to 100 VLTs in Puerto Cortes up to Jan. 23, 2003. Global plans to have all
50 of the VLTs operational in either the airport or port area by the spring of 2000.
Puerto Cortes is the busiest port in Central America.
The agreement requires Global Net Entertainment to supply, install and service the
VLTs, and also to maintain a proper parts inventory for them. Global estimates the
costs to deliver the system at $300,000 (U.S.). Global will receive 50 per cent of the
net revenue from the system until the termination date and continues to own them
after that date.
Julius Csurgo, chairman and chief executive officer of Global, states that, "This VLT
agreement complements our plans to install 200 retail lottery terminals in Honduras,
and provides Global with additional market credibility as we execute our South and
Central American business strategy."
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