News - TTLN - Feb 23/2000 - SEC FULLY REPORTING Approved
Total Entertainment Approved as Fully Reporting Company by SEC
Wed Feb 23 09:59:00 EST 2000
MONTREAL and NEW YORK, Feb 23, 2000 (BUSINESS WIRE) -- Total Entertainment Inc.
(NASD-BB:TTLN) announced today that its Form10-SB registration statement filed
with the United States Securities Exchange Commission (SEC) became effective on
February 14, 2000, making Total Entertainment a fully reporting company under
the US federal securities laws and a candidate for a future listing with the
NASDAQ stock market system. Total Entertainment's registration statement was
accepted by the SEC without comment.
"We are extremely pleased to have passed through the SEC process without any
comment or delay," said Sandy Masselli Jr., Chairman and CEO of Total
Entertainment Inc. "Not all companies make it through so smoothly and some even
endure several rounds of SEC comments."
The 10-SB registration establishes a public file containing important financial
and business information used by investors and others. Total Entertainment is
now obligated to keep this public information up to date by filing other forms,
such as the Annual Report on Form10-KSB, which provides a comprehensive overview
of a company's business and must be filed within 90 days after the end of the
fiscal year. This 10-SB registration under the US Securities Exchange Act of
1934 also represents an essential step for companies wishing to be listed on a
national securities exchange, such as NASDAQ.
Total Entertainment intends to communicate its financial results for the fourth
quarter and fiscal year-end of 1999 by press release prior to filing its
Form10-KSB due by March 31, 2000.
"Becoming a fully reporting company should generate interest from other
institutional and private investors since they will have public information that
complies with the SEC's strict reporting standards," said Mitchell Brown,
President and Chief Operating Officer of Total Entertainment. "The company's
financial results and ownership information will be readily accessible to anyone
interested in knowing more about Total Entertainment."
Total Entertainment will hold a conference call with analysts and investors on
Wednesday, March 1, 2000 at 10:00 am EST. The call will discuss the 10-SB filing
and the company's business strategy and current operations.
Total Entertainment Inc. (NASD-BB:TTLN) owns and operates interactive
software-based games of chance and sports wagering facilities. Through its
network of Internet properties, users can play realistic online games, receive
the latest news, financial information and free e-mail, and create a
personalized portal to the Internet. Total Entertainment's e-commerce solution
enables users to purchase electronic cash by credit card, wire transfer, money
order or personal check.
The statements in this news release may contain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, and are subject tot the safe harbor
provisions of the Private Litigation Reform Act of 1995.
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