Wednesday November 15, 6:00 am Eastern Time
Press Release
Virtual Gaming Enterprises, Inc. Announces Plan to Reduce Issued and Outstanding Common Shares by Over 60 Percent
ESCONDIDO, Calif.--(BUSINESS WIRE)--Nov. 15, 2000--Virtual Gaming Enterprises, Inc. (OTCBB:VGAM - news) announces that the board of directors has approved and placed a stop on 5,000,000 shares of its issued and outstanding common stock.
The board is currently taking the appropriate steps so that the shares will be canceled and returned to the companies' treasury thus eliminating over 60 percent of the company's issued and outstanding common equity as reported on form 10q on October 25, 2000.
``We are pleased to first announce the stop being placed, and second, that upon completion of this cancellation that our issued and outstanding common stocks weighted average will be reduced from 8,287,701 at October 25, 2000 to the equivalent of 3,287,701 or 61 percent,'' says Virtual Gaming Enterprises, Inc.'s President Virgil G. Williams. ``Finally, Virtual Gaming's market cap will be reduced by approximately $7.5 million dollars without any further decrease in our company's share price,'' concluded Williams.
Virtual Gaming Enterprises, Inc. is in the business of managing gaming on the Internet and operates a family of 18 virtual casinos and is a Master Gaming licensee for the Commonwealth of Dominica (July 7, 1999). The online gaming market is projected to grow from $535 million to more than $10 billion in three years (source:DATAMONITOR/quickchart/quickchart.asp?symb=DATAMONITOR) and the company is strategically positioned to benefit from the predicted revenue explosion.
Except for historical matters contained herein, the affairs discussed in this press release may contain forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may reflect assumptions and involve risks and uncertainties that may affect Virtual Gaming Enterprises, Inc.'s future business and prospects and could cause actual results to differ materially from such forward-looking statements.
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Contact:
Virtual Gaming Enterprises, Inc.
Virgil Williams, 760/510-0188
info@vgam-ent.com
vgam-ent.com |
