PRESS RELEASE, July 2.....
FOR FURTHER INFORMATION PLEASE CONTACT:
Cybersurf Corp.
Gary Gardner
(403) 777-2000
(403) 777-2003 (FAX)
cybersurf.net
info@cybersurf.net
The Alberta Stock Exchange has neither approved nor disapproved
the above release.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: CYBERSURF CORP.
ASE SYMBOL: CY
JULY 2, 1997
Cybersurf to Acquire 100 Percent of WANGO
CALGARY, ALBERTA--Cybersurf Corp. of Calgary, Alberta, an Internet
technology and service company, today announced that it has
entered into an agreement with New Wave Technology Inc. of
Calgary, Alberta to acquire the 50 percent in WANGO International
Inc. not presently held by Cybersurf.
With the purchase of the remaining interest on or before the
scheduled closing date of September 12, 1997, WANGO, a wide area
network gaming and entertainment company, will become a wholly-
owned subsidiary of Cybersurf for cash considerations.
WANGO has developed the technology to allow full-motion audio and
video signals to be delivered over ground-based lines at speeds
identical to current satellite transmissions at costs which are
hundreds of times less expensive than satellite. The products and
technology allows multiple sites to be linked together and play a
single game, thus allowing a pooling of jackpots into "superpots".
In addition to linked-bingo, WANGO will also concentrate on
providing telecasts of other gaming events, including horse racing
and dog racing. WANGO's technology is protected by an applied
patent in Washington, DC which is expected to be granted by the
third quarter of 1997.
The WANGO technology can be easily ported to other countries.
Cybersurf intends on vigorously pursuing commercialization of
WANGO in foreign markets and is currently negotiating with several
companies for the licensing and/or sale of WANGO technology
outside of Canada.
In a separate development, WANGO President Frank Marasco, Jr.
signed a contract last week with the President of the Indiginous
Peoples of Mexico for the commercialization of WANGO technology in
32 states throughout Mexico.
Because of the current negotiations regarding the licensing and/or
sale of WANGO technology in foreign markets, details of
Cybersurf's transaction with New Wave and the recently signed
Mexican deal will be announced at the conclusion of these
negotiations.
Cybersurf trades under the symbol CY.
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