Well, I was waiting for this. Every Thursday for the last while there has been a news release.
Global Net Entertainment Corp
GET
Shares issued 8,865,256
1999-12-02 close $1.57
Thursday Dec 2 1999
Mr. Julius Csurgo reports
A wholly owned subsidiary of Global Net Entertainment has entered into a letter
of intent to provide 200 retail lottery terminals to the government of Nicaragua's
Ministro de le Familia (ministry of the family).
The letter of intent was entered into between Minister Max J. Padilla R., Ministro
de le Familia, and S & J Trade and Finance Inc. on behalf of Global Net
(Barbados) Inc., a wholly owned subsidiary of Global Net Entertainment. It
involves Global Net (Barbados) Inc. financing the purchase, installation and
support of the 200 retail lottery terminals, central system hardware, gaming system
software and license. The cost to the company is estimated at $2.1-million (U.S.).
In return, Global will receive 15 per cent of gross sales revenue from the system
for a period of seven years, and be guaranteed minimum gross sales of $15-million
(U.S.) per year or $2,225,000 (U.S.) (15 per cent).
"This deal complements a previously announced letter of intent to provide 200
lottery terminals in Honduras, and a binding agreement to provide 50 video lottery
terminals (VLTs) in Honduras. We expect to have the 50 VLTs installed in early
2000 and to have binding agreements in place for both the Honduras and
Nicaragua retail lottery terminal deals early in the new year as well," stated Julius
Csurgo, chairman and chief executive officer of Global Net Entertainment.
The ministry will be selecting a local company to operate the 200 retail lottery
terminals. Global will retain the services of an international law firm in Nicaragua to
provide representation as the two parties now prepare a binding agreement. Julius
Kosta, president of S & J Trade and Finance Inc., is an adviser to Global and will
continue to represent the company.
Rob Montemarano has been appointed as an officer and vice-president finance to
Global Net. Mr. Montemarano is vice-president of Lakeview Group Ltd., a major
residential development company. Mr. Montemarano is also a director of Leader
Capital Corp. and Onex Resources Ltd., both of which are public companies.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Best of INVESTING
Lauron
A law firm receptionist answered the phone the morning after the firm's senior partner had passed away
unexpectedly. "Is Mr. Spenser there?" asked the client on the phone.
"I'm very sorry, but Mr. Spenser passed away last night," the receptionist answered. "Can anyone else
help you?"
The man paused for a moment, then quietly said 'no' and hung up.
Ten minutes later, he called again and asked for Mr. Spenser, his ex-wife's lawyer.
The receptionist said, "You just called a few minutes ago, didn't you? Mr. Spenser has died. I'm not
making this up." The man again hung up.
Fifteen minutes later, he called a third time and asked for Mr. Spenser. The receptionist was irked by this
time. "I've told you twice already, Mr. Spenser is dead. He is not here! Why do you keep asking for him
when I say he's dead? Don't you understand what I'm saying?"
The man replied, "I understand you perfectly. I just like hearing you say it over and over." |
