Friday December 3, 9:45 am Eastern Time
Company Press Release
SOURCE: Planet City Corp.
Planet City Completes Acquisition, Announces Intended Sale Of Internet Gaming Division
SEDONA, Ariz., Dec. 3 /PRNewswire/ -- Planet City Corp. (OTC Bulletin Board: PINC - news) is pleased to announce the completion of the acquisition of Topology Systems, Inc. (TSI). A Letter Of Intent (LOI) to acquire the privately held company was announced on October 5, 1999.
Planet City acquired all of TSI's assets, including staff, licensing agreements, third party alliances, Accounts Receivables exceeding $300,000 from recently completed projects, and certain other financial agreements currently under non-disclosure.
The companies have been jointly pursuing sales opportunities since the LOI was announced, and have multiple near term software and services project opportunities in both the commercial and the government sectors.
Planet City also announces it is selling their Internet Gaming Division. Terry Dennis, the company's President & CEO, stated, ''We decided several months ago that the Internet Casino was not a good fit with our primary business focus, which is to provide the highest quality software and consulting services to clients across the entire spectrum of Information Technology environments. We have been negotiating with multiple potential buyers for the sale of the casino since shortly after it came out of Beta Test in August of this year. We will continue negotiating with the existing bidders and consider any new offers to find the best Return On Investment for our shareholders.''
For further information call: 1-877-840-PINC (7462)
Certain of the statements contained herein which are not historical facts are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. Any such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements.
SOURCE: Planet City Corp.
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