News - Mar 31, 2000 - TTLN Announces Year-End Results; Net Gaming Revenues Tripled in 1999
BW1192 MAR 31,2000 7:15 PACIFIC 10:15 EASTERN
( BW)(TOTAL-ENTERTAINMENT)(TTLN) Total Entertainment Announces Year-End Results; Net Gaming Revenues Tripled in 1999
Business Editors
MONTREAL--(BUSINESS WIRE)--March 31, 2000--Yesterday, Total Entertainment Inc. (OTCBB:TTLN) filed its annual report on Form 10-KSB with the Securities and Exchange Commission. The annual report contains the company's audited financial results for the 12-month period ended December 31, 1999. Net revenues for 1999 reached $581,543 compared to $169,993 in 1998. The company incurred a net loss of $1,190,716 or $0.02 per share on a diluted basis.
"We are very pleased with our revenue growth and expect the investments we made in 1999 in technology, service offerings, branding and promotion, and infrastructure will yield significant improvements in our 2000 revenues," said Sandy J. Masselli, Jr., Chairman and CEO of Total Entertainment. "Given that this is our first full year of operations, we decided it was important to build our business in a strategic manner, which will provide the long-term results that we are seeking for our shareholders and employees. The items noted below in "Recent Developments" clearly demonstrate our strategic focus as a turnkey solutions provider and online casino operator. With this strategy, our shareholders will now be able to clearly observe our growth."
"We are very confident that our solid revenue growth will be even more dramatic in the first quarter of 2000," said Mitchell Brown, President and Chief Operating Officer of Total Entertainment. "The coming quarters will better reflect our growing subscriber base, our recent agreements, as well as our continued effort to develop alliances and market our e-gaming products."
Recent Developments
In January, the company announced an agreement with Online Gaming Systems making Total Entertainment the exclusive provider of Online Gaming Systems Internet gaming software. Total Entertainment was also one of twelve companies cited in a Bear Stearns report as a company to watch in the Internet wagering and gaming technology industry.
In February, TTLN announced an agreement, which provides access to a Caribbean hosting facility and the transfer of a master gaming license from the Government of the Dominican Republic, which allows Total Entertainment to provide turnkey solutions to new online gaming partners. The company also became a reporting company under the Securities Exchange Act of 1934, when its registration statement on Form 10-SB was accepted by the Securities and Exchange Commission.
In March, the company announced a hosting agreement with NetforFun.com Inc., which is expected to generate $180,000 a year in hosting and support revenue; sold its remaining 50% interest in SlotsVegas to NetforFun.com Inc. for $2 million; signed a co-branding agreement with Norstar Group, owner of VeeAreCity.com; completed a four-year licensing agreement with Web Game Corporation N.V. of Norway, which resulted in up-front licensing fees of $325,000 and a recurring revenue stream from royalties; and settled an outstanding litigation.
The complete 10-KSB filing with the Securities and Exchange Commission can be found on Total Entertainment's Web site at: www.ttln.com.
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 to the safe harbor provisions of the Private Litigation Reform Act of 1995.
CONTACT: Total Entertainment Inc.
Sandy Masselli Jr. or Mitchell Brown, 514/842-6999
www.ttln.com
or
National Public Relations
Daniel Brennan, 514/843-2325 |
