Company Press Release
Online Gaming Systems - OGAM - Australian Subsidiary Announces Licensing Agreement With Asian Based Operator
Up-Front Fees Total $170,000
BOCA RATON, Fla.--(BUSINESS WIRE)--January 27, 2000--Online Gaming Systems Ltd. (Nasdaq:OGAM - news; OTCBB:OGAM - news) announced today that it has entered into a licensing agreement with an Asian operator that covers Online Gaming's Internet casino product portfolio. Terms of the agreement call for an up-front licensing fee of no less than $170,000. Further details regarding the licensee will be released at a later date as per the terms of the agreement.
Richard Iamunno, Online Gaming System's President & CEO stated, ``Armed with our new product line, Online Gaming continues to build on its first quarter momentum. We are not only pleased to announce another material agreement, but we are equally excited that the contract strengthens our Australian foothold. In our view, this announcement further validates our Australasian strategy. Iamunno added, 'Online Gaming continues to develop a diversified portfolio of revenue streams with strong global partners. We are optimistic about our short term prospects and believe that over the long run our shareholders will realize substantial benefits.``
Online Gaming Systems, Ltd. (www.ogsltd.com) develops and markets Internet and private network transaction based products that it only offers to licensed gaming operators in regulated jurisdictions. These products include; Internet Casino Extension(TM) (ICE(TM)), a growing suite of casino games; webSports(TM), a sports wagering system; Lotto Magic(TM) a lottery system for private, government and fund raising purposes; and Bingo Blast(TM) a multi-player system for charity and private organization use. The company also offers wireless and portable gaming devices through its Las Vegas based Excel Design, Inc., a wholly owned subsidiary and Anchor Gaming (SLOT) its exclusive North American distributor.
This press release contains potential forward-looking statements regarding the Company. The future performance of the Company involves risks and uncertainties that could cause actual results to differ materially. Such risks include competition and pricing pressures, dependence on telecommunications carriers, management of growth, customer turnover, technological change, governmental regulation, unauthorized use of technology, system failures and a variety of stock market-related risks. For a more complete description of certain such risks and uncertainties, we refer you to the documents that the Company files from time to time with the Securities and Exchange Commission including 10K filed May 7, 1999 and form 10Q filed November 18,1999.
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Contact:
Online Gaming Systems, Ltd., Boca Raton
Richard Iamunno, President & CEO, 561/393-6685
Fax: 561/393-1485
or
Integrated Corporate Relations (Investor Relations)
Tom Ryan, 203/222-9013 |
