GREAT NEWS****
Tuesday August 26 1:57 PM EDT
Company Press Release
Source: NorAm Gaming & Entertainment Co.
NorAm Awarded Exclusive State Lottery Contract in Venezuela
TOLEDO, Ohio, Aug. 26 /PRNewswire/ -- NorAm Gaming and Entertainment Corporation (Nasdaq:NRAG - news)
announced today that the Company, in conjunction with their Venezuelan Joint Venture partners (LYMCA), has been awarded
a 15 year exclusive contract to set up and operate the Lottery for the State of Cojedes, Republic of Venezuela.
NorAm's responsibility for setting up the Lottery will include the selection of all sales locations, hiring of local personnel to carry
out the administration of the sales and collection of the funds and to establish a channel of communication between the State
Government and the Lottery.
Under the agreement, NorAm will initially install approximately 200 state of the art, video lottery terminals throughout the major
cities in Cojedes. Noram also plans to set up Lottery offices in San Carlos, Cojedes, to accommodate the administration of the
Lottery.
NorAm expects annual gross revenues from Lottery sales to top $10 Million U.S., with net earnings expected to be $2.5
million annually, for the Joint Venture Partnership.
George C. Zilba, C.E.O. of NorAm also announced that as a result of the successful negotiations with the State of Cojedes,
the NorAm/LYMCA Joint Venture Partnership has been approached by other States within the Republic of Venezuela to
provide proposals to set up and conduct Lotteries within those States.
Additionally, NorAm announced today that, with the recent passage and signing of the long awaited Venezuelan National
Gaming law, that the Company will aggressively pursue those opportunities previously announced, such as, the Unicentro and
Mandarin Casino projects. Mr. Joe Torres, Director of International Marketing for NorAm will lead the NorAm team in the
effort to secure these opportunities on behalf of the Company. |
