Virtgame.com Puts OfficialGames.com Online
Argentina's First Government-Endorsed Internet Instant Lottery
SAN DIEGO, Jan. 18 /PRNewswire/ -- Virtgame.com (OTC Bulletin Board: VGTI - news), a B-to-B provider of innovative Internet solutions to the gaming industry, announced today that OfficialGames.com (JuegosOficiales.com) -- the first official, government-endorsed gaming portal for Argentine State Lotteries -- is now online at 'http://www.officialgames.com'.
The site is being tested at present, available to users who want to sample games such as Loterie Chaquens, a 'pick three' style virtual scratch card, and Virtual Bingo for fun. The official launch will be in Q1 2000, when residents of Argentina will be able to purchase the online scratch cards.
Official Games (Juegos Oficiales), is already an established and recognized name used to identify traditional state-endorsed lottery products. The service will benefit further through a number of planned marketing initiatives before launch, including advertising and promotion through the 5,800 state lottery outlets (traditional points-of-sale). The state lotteries are responsible for the licensing, distribution, and marketing of the games, with Virtgame.com supplying the technology, e-commerce distribution, and banking systems. Virtgame.com will share the net revenues generated from online play and advertising sales.
Virtgame.com is currently finalizing agreements with several other Argentine state lotteries across the country, who will use Virtgame.com's technology exclusively to create their own products to offer on the site, increasing the selection and variety of instant, online products available.
According to lottery regulators in Argentina, state lotteries and games-of-chance generate $2.2 billion in sales a year in their country, and they estimate that over 50% of the adult population plays some type of lottery game on a regular basis. Virtgame.com expects OfficialGames.com to be revenue enhancing by Q2.
''We are very excited to see our system being used to enable traditional games, such as instant lottery scratch cards, to become available on the Internet,'' said Joseph Paravia, President and CEO of Virtgame.com. ''The launch of this site will also put Virtgame.com in a unique position of having a proven lottery technology platform online. We are poised to exploit any opportunity that arises through the changing legal regulations both internationally and in the U.S.''
About Virtgame.com
Based in San Diego, CA, Virtgame.com is a provider of innovative B-to-B Internet solutions to the gaming industry through its partnerships with land-based casinos, and state lottery and government agencies, enabling these traditional gaming partners to move into the digital marketplace. The company has created a number of proprietary technology platforms, such as its Version 4.0, which is one of the most technologically advanced, secure, realistic and fully scalable online gaming systems available.
This news release contains forms of forward-looking statements that are based on the Company's beliefs as well as assumptions made by information currently available to the Company. When used in this news release the words ''believe,'' ''expect,'' ''anticipate,'' ''estimate,'' ''intend,'' and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks, uncertainties, and assumptions, which are identified in the Company's Annual Report on Form 10-KSB filed with the Securities and Exchange Commission and subsequently filed SEC reports. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results will vary materially from those anticipated, estimated or projected and the variations may be material.
SOURCE: Virtgame.com
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