News - March 22, 2000 - Total Entertainment Signs Licensing Agreement with Web Game Corporation of Norway
Up-front Licensing Fees Total $325,000
MONTREAL--(BUSINESS WIRE)--March 22, 2000--Total Entertainment Inc. (OTCBB: TTLN) announced today that it has signed a licensing agreement with Web Game Corporation N.V. of Norway for the Internet Casino Extension, WebSports and Lotto Magic products of Online Gaming Systems (OTCBB: OGAM). Terms of the agreement call for up-front licensing fees of $325,000 and recurring revenue from royalties and maintenance for the duration of the four-year contract.
Web Game Corporation, which will be operating under license out of Curacao, Netherland Antilles, plans to launch its gaming operations on March 3, 2000.
"Our online gaming operations continue to grow worldwide," said Sandy J. Masselli Jr., Chairman and CEO of Total Entertainment. "Increasing our recurring revenue stream from royalties and maintenance fees are an important part of our business model. Our exclusive gaming license with OGAM, our efforts to become a fully reporting company, and our investments in technology will position us a leader in the burgeoning online gaming business."
Total Entertainment Inc. (OTCBB: 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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Contact:
Total Entertainment Inc.
Sandy Masselli, Jr.
Mitchell Brown
514/842-6999
www.ttln.com
or
National Public Relations
Daniel Brennan
514/843-2325 |
