| |
*AV*--Remember the days of USAG vs SBET for the internet gambling industry that was going to make 100s of millions of dollars with no government issues (offshore locations reached by the internet)??
Check this out on SBET
IGC Completes $5 Million Sale of Subsidiary
Business Wire - March 24, 1998 11:56
ST. GEORGE'S, Grenada--(BUSINESS WIRE)--March 24, 1998-- Interactive Gaming & Communications Corp. (OTC: SBET) today announced that on March 18, 1998, in an overwhelming vote of its shareholders, the Company ratified the sale of Sports International, Ltd. and Global Casinos, Ltd., the company's two existing offshore wagering subsidiaries.
The sale of the companies goes to International Gaming Corporation, a Canadian company, for $5 Million in cash and notes. The deal also called for a long-term contract by the Canadians for the use of IGC's gaming software, which is expected to generate in excess of $300,000 in annual revenue.
The sale, which was originally scheduled for a December '97 shareholder approval was delayed pending an SEC review which was granted in late January, paving the way for the March 18th proxy vote. The sale represents a $5 Million increase in assets for the Company.
The sale allows the Company to remove itself from offshore gaming activities, which have caused legal concerns for the Company over the past 14 months, and enable it to concentrate on the development of its popular Internet casino, sports and horse racing software. The Company will also direct efforts on acquiring other related software development companies to compliment its existing technology.
Interactive Gaming & Communications Corp. President and CEO, Mike Simone said, " We are removing ourselves from wagering activities in order to protect our shareholders from any further government scrutiny, and to concentrate on further developing our software to serve the fast growing Internet gaming industry. This ever-growing industry is ours to capture. We have the most advanced and expandable system on the market today, and the rapidly developing worldwide market needs the best software to grow with them."
Interactive Gaming & Communications Corp. is a publicly traded company on the OTC Bulletin Board under the ticker symbol SBET. Intersphere Communications Ltd., the Company's software development subsidiary, can be found on the World Wide Web at intersphere.com
CONTACT: Jeffrey Erb
jeff@intersphere.com
Intersphere Communications, Ltd.
Phone: 610-941-0305
Fax: 610-941-4751
For those interested, this was a heated topic of whether $$$ could be made off of internet gambling. I thought not and many discussions took place relative to whether the gov't could regulate this or whether states could outlaw it. It looks as if both USAG and SBET could not deliver on their "golden opportunity" of vast riches. Since my "pick" of these two absurdities was SBET and we were talking about these examples at much higher prices (close to a dollar), the story is finally complete. Both USAG and SBET were pipe dreams from 14 months ago.
Anyone who is interested in a pennystock company that now will deal in selling internet gambling software for a living and believes that SBET may have the best software available, you now have an investment opportunity. To me, at $300,000 year run rate it is less attractive than GTIS and its new titles. To me, we are talking about a software title company not different from the non internet gambling software available in the stores like the title by Avery Cordorva (my favorite).<GGG>
This story is now at an end after 14 months and will be spoken about no more by me. Fini !!!
Andrew |
|
