Online gaming closer than we think
Thursday January 11, 11:25 am Eastern Time
dot com Announces Most Recent Technology License Agreement
OAKVILLE, Ontario--(BUSINESS WIRE)--Jan. 11, 2001--dot com Entertainment Group, Inc. (OTCBB:DCEG - news), through its wholly-owned subsidiary corporation, dot com (Antigua) Ltd. (``dot com''), announced today that it has entered into a license agreement with Promontora Yuan S.A. (``Promontora'') to deliver and install a complete Internet Bingo and Internet Casino system, both of which are to be installed in the first quarter of 2001.
Promontora's on-line Bingo system was delivered and installed on January 10, 2001, with its Casino system to be installed prior to the end of March, 2001.
``In addition to our up-front fees which we have received, we expect to generate cash-flow in this quarter from Promontora's Internet operations,'' said Scott F. White, dot com's President & CEO. ``This license agreement marks the completion of another license arrangement where we have licensed both our Internet Bingo and Casino technology.''
This most recent license agreement contemplates the delivery and installation of dot com's Bingo and Casino technology at Promontora's Internet hosting facilities in Central America. As part of this agreement, Promontora is obligated to pay to dot com upfront installation fees along with an ongoing royalty interest.
dot com's business strategy is to take advantage of its first mover status in Internet Bingo technology development to help grow the e-Bingo category and move part of the estimated $70 billion spent in land-based Bingo halls to the web. If just 1% of land-based Bingo play moves to the web, this micro category of e-gaming could exceed $700,000,000 over the next few years. dot com will also acquire additional market share in the expanding Internet Casino market, which continues to gain credibility as a viable area of e-commerce, particularly in those countries who regulate or support Internet gaming.
dot com is a fully-reporting, SEC registered company, which is focused on the development, delivery and support of Internet entertainment software systems, such as on-line Bingo, on-line Casino and other related products and services. The company is working to revolutionize the way Bingo is played on the Internet - for money, for free and in the charity sectors. It is also now actively promoting the license of its Internet Casino technology, which has been extremely well received by prospective licensees who have previewed the software over the past few months |
