PRESS RELEASE !!! TTLN Expands Horse Wagering
NEW YORK, Jun 4, 2001 (BUSINESS WIRE) -- Total Entertainment, Inc. (OTC-BB:TTLN; "Total"), the leading global interactive marketing and internet gaming technology companies, announced today the expansion of its horse wagering software to include exotic bets such as Exacta, Exacta Box, Trifecta , Trifecta Box , Quinella, Quinella Box, Daily Double and Horse Parlays, as well as traditional wagering lines such as Win/Place/Show.
All bets are now available at www.onlinesportsbook.com , Total Entertainment's flagship internet sports gaming site.
Total Entertainment President and Chief Operating Officer Mitchell Brown said "Our horse wagering software differentiates TTLN from our competition as one of the few I-Gaming Company's with a full suite of horse race wagering options. In addition to our existing full service sportsbook which already offers action reverses, IF bets, parlays, and a unique feature "Bet the Board", where a client can place multiple wagers on different games using different denominations by logging in only once. We plan to leverage this advantage by continuing our European and Asian expansion in the future."
Total Entertainment previously announced that total revenues for the first quarter were $0.792 million -- a new record for the Company. This represents a 280% increase compared to reported revenues of the same quarter last year, and a 30% increase over Q4. Net loss for the quarter was $0.282 million, or $0.00 per basic and diluted share, compared to a net gain of $0.339 million, or $0.01 per basic and diluted share during the corresponding quarter in fiscal 2000. Total gaming handle for the first quarter was $25.516. "This is the fifth consecutive quarter that we have achieved strong revenue growth. We anticipate continuing this trend." said Sandy J. Masselli, Jr., Chairman and Chief Executive Officer. "Looking-forward, we continue to grow our global business and maintain our leadership position, while balancing the need to develop proprietary software, increase staff and leverage resources throughout the organization. Our goal in 2001 is to increase market share, improve profitability and increase shareholder value." Total Entertainment Inc has implemented a global advertising strategy and customer loyalty program. Total Entertainment is driven by growth in the number of new members, which again increased in the first quarter.
First quarter revenue gains were the result of a significant increase in TTLN's core business. Gaming revenues of the Company's web sites increased substantially. The net revenue from the casino operations for the quarter ended March 31, 2001, was approximately 248% more then the comparable 2000 quarter. Net revenues from the sportsbook operations were approximately 225% more then the comparable 2000-quarter. The higher volume is attributable, in part to our implementation of our global advertising campaign and customer loyalty program designed to increase traffic to our websites. Member deposits increased 269%, from Q1 last year.
"The loss this quarter is primarily attributed to the $0.150 million write down for pre-paid advertising expenses that we originally intended to be amortized over several quarters, along with the implementation of our customer loyalty program." said Masselli.
The Company is exploring various opportunities in Europe particularly in the United Kingdom where new favorable Internet gaming legislation reinforces Total Entertainment's 2001 strategy to focus in Europe, a market that offers immediate growth opportunities.
The Company is in the final stage of testing wireless applications and intends to introduce this product in the coming months. Masselli concluded, "We continue to make significant progress toward our vision of being the preeminent global provider of Internet gaming. Our new product line diversification, proprietary software and enhanced global organization will contribute to meeting our goals."
Total Entertainment, Inc. recorded total revenue of $1.177 million for the year ended December 31, 2000, an increase in revenue from $0.582 million for the year ended December 31, 1999. The net income for year ended December 31, 2000 was $0.027 million or $0.00 per basic and diluted share respectively, compared to a loss of ($1.191 million) or ($0.02) per basic and diluted share, for the year ended December 31,1999. Total gaming handle for the year ended December 31, 2000 was approximately $42.000 million.
About Total Entertainment, Inc
Total Entertainment, Inc is a leading global operator of end-to-end 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 and services enable users to purchase electronic cash by credit card, wire transfer, money order or personal check. Total Entertainment provides a comprehensive suite of turnkey products and services that enable its clients to attract and retain customers worldwide, and to reap the benefits of our interactive and other electronic media. Corporate Head Office is based in Montreal.
For more information, visit www.TTLN.com.
This news release contains statements of a forward-looking nature relating to the future events or the future financial results of Total Entertainment, Inc. Investors are cautioned that such statements are only predictions and that actual events or results may differ materially. In evaluating such statements, investors should specifically consider the various factors that could cause actual events or results to differ materially from those indicated from Forward-looking statements, including the matters set forth in Total Entertainment's reports and documents filed from time to time with the Securities and Exchange Commission.
CONTACT: Total Entertainment, Inc., Montreal
Sandy J. Masselli Jr. / Mitchell Brown
514/842-6999
investors@ttln.com
URL: businesswire.com
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