For the visitors who didn't see the news:
INTERACTIVE GAMING & COMMUNICATIONS CORPORATION EXCEEDS PROJECTED EARNINGS
PLYMOUTH MEETING, Pa., Dec 6, 1999 /PRNewswire via COMTEX/ --
Interactive Gaming & Communications Corporation (OTC Bulletin Board:
SBET) (IGC) announced today that it has exceeded 3rd quarter earnings
projections as stated in an October press release. This is now three
straight quarters in a row for the company since restructuring itself
from what was solely an I-Gaming company to a group of software
development and Internet Technology Companies.
The company's consolidated operating income for the 3rd quarter was
$691,292.00 on revenues in excess of $2 million or about a 30% return
on revenues, $41,000 higher than previously projected. This translates
to approximately $.03 per share earnings on 23 million shares
outstanding. Year to date figures for the 9 months were $1.3 million
operating income on revenues of $9 million, and the year to date
earnings were $.06 per share up from the $.05 earnings per share
previously projected.
The company's cash position has dramatically increased over the past
several months. This was due to the acquisition of Century Industries
and the subsequent sale of Scibal Associates and Gamblenet Technologies
for $1.8m and $2.5 million respectively in which $1.1 million in cash
payments have been received to reduce their notes to IGC in the 3rd
quarter.
In November, the company successfully launched with Lycos (Nasdaq:
LCOS) a co-branded version of its PlayForFun casino. The co-branded
PlayForFun.Lycos.com site anticipates receiving in excess of 2 million
users per week, making the company's Live Action Gaming Platform the
most widely used real casino gaming software on the Internet. Both
Lycos and IGC will share in what has been projected to be substantial
advertising revenues generated from the site.
In the past two weeks since the announcement of the Lycos PlayForFun
casino, the company has received numerous inquiries from major search
engines and land-based casinos throughout the world to create and
license a similar PlayForFun casino site for their portals. The company
is in contract negotiations with two of these groups and when
successfully completed these sites, operated by IGC, have the potential
to generate advertising revenue in excess of $5,000,000 annually with
little overhead and cost.
Due to the increased exposure from Lycos and other online portals, the
company anticipates the sale and licensing of its LiveAction Casino
Gaming Platform, which will soon include the ToteMaster and Turfcast
online horse wagering and video streaming system, to both online and
land-based casinos to dramatically increase over the coming months.
Currently, the company successfully operates 3 portal sites under the
names GambleNet.com, WhoWonWhere.com and the popular casino gaming
entertainment site PlayForFun.com. Revenue from the operation of these
sites is derived from the sale of banner ads in the same manner as
Yahoo, Lycos and other major search engines. Interest in these sites
remains increasingly strong and revenues are projected to exceed $2,000,
000 for the year 2000.
The company has several major exciting proprietary products and
co-branded properties near completion or under development which will
be rolled out and announced over the next several weeks and months. It
is anticipated that the traffic at these Internet sites hosted by the
company will dramatically increase the company's revenues from
advertising and sales.
Mike Simone, President and CEO of IGC said, "The future of IGC and its
position in the industry is looking exceedingly bright and I'm
extremely excited about our direction. We have now put ourselves in a
good cash position, have demonstrated 3 straight quarters of solid
earnings, and we anticipate the 4th quarter earnings to be equally as
strong if not better. The prospects for the year 2000 are looking even
better. With everything being equal while the company can look to
exceed $10 million in revenue for 1999, we are shooting for in excess
of $17 million or better than a 50% increase in 2000. The addition of
the Lycos PlayForFun site, along with similar co-branded deals with
other major search engines and casinos, as well as the products we will
begin marketing in the coming months, should ensure the company
sustained growth and income for the future. We are looking forward to
an exciting and profitable New Year and I think we are an Internet
company to watch in 2000."
Forward-looking statements in this release are made pursuant to the
"safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995. Investors are cautioned that such forward-looking
statements involve risks and uncertainties, including, without
limitation, continued acceptance of the Company's products, increased
levels of competition for the Company, new products and technological
changes, the Company's dependence upon third party suppliers,
intellectual property rights, and other risks detailed from time to
time in the Company's periodic reports filed with the Securities &
Exchange Commission.
PlayForFun, LiveAction, Gamblenet, ToteMaster, Turfcast, and Who Won
Where, are copyrights and trademarks of Interactive Gaming &
Communications Corp. Lycos and Yahoo! are copyrights and trademarks of
their respective owners.
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