Total Entertainment Announces First Quarter Profits, Quarterly Revenues Nearly Triple
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MONTREAL--(BUSINESS WIRE)--May 16, 2000--Total Entertainment Inc.
(OTCBB:TTLN) released today its financial results for the 3-month
period ended March 31, 2000. Net revenues for the quarter reached
$774,615 compared to $266,673 for the same period in 1999.
The company achieved a net profit of $339,992 or $0.01 per share
versus a net loss of $125,184 in the first quarter of 1999.
In the first quarter, Total Entertainment announced the signing of
a hosting agreement with NetforFun.com Inc. Only $100,000 from this
transaction, the amount paid in cash to Total Entertainment, is
included in the first quarter results. A further $1.5 million in stock
and a note for $400,000 from this transaction will be reported as
booked.
"Total Entertainment made considerable investments in 1999 and we
are now starting to see the results," said Sandy J. Masselli, Jr.,
Chairman and CEO of Total Entertainment. "In a short period, we have
turned the corner towards profitability and are looking forward to
continuous revenue growth."
"Our revenues in Q1 2000 were greater than 1999's total revenues.
This is attributed to the strength of our business plan," Said
Mitchell Brown, President and Chief Operating Officer of Total
Entertainment. "As in the first quarter, we will continue to build
alliances within the gaming industry globally, look for innovative
ways to use our gaming solutions and establish marketing relationships
with other internet companies. Given the number of internet properties
looking to add entertainment value to their sites, we are pleased with
the growing number of opportunities for TTLN."
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. / Mitchell Brown
514/842-6999
www.ttln.com
or
National Public Relations
Daniel Brennan, 514/843-2325
KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: ELECTRONIC GAMES/MULTIMEDIA ENTERTAINMENT
GAMING INTERNET NETWORKING EARNINGS
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