March 13, 2000 NEWS RELEASE
dot com Entertainment Group Inc.
Olympic Tower, 300 Pearl Street, Suite 200
Buffalo, New York 14202
dot com Announces Private Placement Financing
BUFFALO, N.Y.: March 13, 2000--(OTC Bulletin Board:DCEG - news) dot com Entertainment Group, Inc. (``dot com') (OTCBB: DCEG - news) a developer of low denomination Internet based gaming systems, announced today that it has agreed to a private equity financing.
The private placement financing will be comprised of a maximum of 500,000 units. Each unit will consist of one common share and one non-transferable common share purchase warrant at a price of $2.50 per unit. Each warrant will entitle the holder to purchase one common share in the company for a term of two years from closing of the offering at a price of $4.00 per share.
The proceeds of the offering will be used primarily as working capital and specifically to add personnel and other resources necessary to dot com's software development efforts. The company's development office has recently relocated into much larger premises to accommodate increased technical teams who have been hired to assist the company meet its immediate and long term software delivery obligations.
The units and the shares of common stock and warrants evidenced thereby are being offered to non-U.S. persons in offshore transactions pursuant to Regulation ``S' under the U.S. Securities Act of 1933, as amended. The units and the shares of common stock and warrants evidenced thereby will not be registered under such Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration. This press release does not constitute an offer to sell or the solicitation of any offer to buy such securities.
The dot com web site can be visited at www.dceg.com. This site has links to the CyberBingo(tm) game system (www.cyberbingo.net), which operates 24 hours per day, 120 games each day, and is played by players from countries throughout the world. dot com seeks to be a leading provider of Internet entertainment software products and services.
Contact:
dot com Entertainment Group, Inc.,
Scott White, 416/366-1444
swhite@dceg.com
or
Investors Contact:
Matthew Emery or Brock Daem, 877/722-5656 |
