HORSEPOWER™ 2.0 ON TARGET FOR PLAY ON APRIL 2, 2001
Vancouver, British Columbia [Business Wire] March 22, 2001. Sungold Entertainment Corp. (OTC Bulletin Board: SGGNF News) announced that the Horsepower™ 2.0 virtual racing system is targeted for introduction on the world wide web on Monday, April 2, 2001. Horsepower™ has been designed for the online gaming market, which according to Barnett at Merrill Lynch will grow to be a $177 billion market. Horsepower™ has features unique to the internet gaming market. Initial advertising space on the premier racetrack fence locations will sell initially for $500,000 USD per month. Recently, Net Value Ltd., a research firm based in Paris reported online gamblers among internet users in Hong Kong increased from 22 percent in October 2000 to 41 percent in December 2000. According to Lawrence T. Wong, CEO of the ($11 billion annual revenue) Hong Kong Jockey Club “internet gaming is like the .com phenomenon two years ago, the revenue growth is exponential”. Net Value Ltd. also reported 3 million people a month in Great Britain are visiting internet gambling sites. Last week the President of the Nevada Resort Association Bill Bible was quoted as saying, “internet gaming is clearly a legal act. I think it is appropriate that Nevada licensees engage in it”. Evidence of the evolving internet gaming industry came with three significant events announced in the last 2 weeks. The British Chancellor proclaimed the abolishment of Britains tax on online gaming. (Industry experts view this as an attempt to lure more online gaming operators to Britain). Assemblywoman Merle Berman in Nevada introduced an internet gaming bill to a largely positive state assembly. A major event took place in New Orleans on March 13th when U. S. District Judge Duval dismissed eleven cases regarding credit card debts incurred from internet gaming involving Visa, MasterCard and several banks on the basis the plaintiffs had no grounds for a federal case and that internet casinos do not violate federal law. The director of litigation for Visa International (a defendant in the case) was quoted in American Banker as saying “we are not a police organization, we’re a payment mechanism”.
Sungold Entertainment Corp.
(OTCBB: SGGNF)
Per:
“Kim N. Hart”
Kim Noble Hart, President & CEO
For more information regarding this release or to be updated on future corporate news, please contact
Anne Kennedy at (604) 669 9580.
This news release contains forward-looking statements regarding projected revenues. Forward-looking statements address future events and conditions based on the opinions and estimates of management and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements.
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Regards,
Anne Kennedy, Director
Sungold Entertainment Corp.
500 Park Place, 666 Burrard Street
Vancouver, BC V6C 3P6
Tel: (604) 669-9580
Fax: (604) 669-9577
Email: akennedy@sungoldent.com
Website: www.sungoldentertainment.com
Website: www.horsepowernetwork.com |
