News - March 16, 2000 - TTLN completes transaction with netforfun.com Inc.
Thursday March 16, 11:20 am Eastern Time
Company Press Release
Total Entertainment Completes Transaction with NetforFun.com Inc.
MONTREAL--(BUSINESS WIRE)--March 16, 2000--Total Entertainment Inc. (TTLN-NASD-BB) confirmed today that it has completed its transaction with NetforFun.com Inc., a new Internet gaming company that will soon be listed on the Canadian Venture Exchange (CDNX). The five-year agreement is valued at approximately $5-7 million.
According to the terms of the five-year agreement, Total Entertainment will obtain $500,000, an equity stake in NetforFun.com valued at $1.5 million, a 10% royalty on net revenues of NetforFun.com, as well as $15,000 per month for hosting, support, and use of Total Entertainments state-of-the-art e-commerce solution. For its part, NetforFun.com will now hold a 50% stake in Total Entertainments Slots Vegas site.
This recent agreement demonstrates that we have a solid business model, said Mitchell Brown, President and Chief Operating Officer of Total Entertainment. We can offer turn-key solutions to newcomers to the e-gaming world as well as hosting arrangements for companies in other industries that do not have the up-front capital needed to create a truly transactional Web site.
Hosting agreements and alliances will be an important part of our marketing strategy, said Sandy J. Masselli Jr., Chairman and CEO of Total Entertainment. We want to be recognized as the most reliable and entertaining e-gaming network on the Internet and we will achieve this by continually expanding our operations and improving our sites, including our Go2Total.com portal site.
Total Entertainment Inc. (TTLN-NASD-BB) 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 Entertainments 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.
--------------------------------------------------------------------------------
Contact:
Total Entertainment Inc.
Sandy Masselli, Jr.
Mitchell Brown
514/842-6999
www.ttln.com
or
National Public Relations
Daniel Brennan, 514/843-2325 |
