Some companies profit AND obey the law...
Starnet (SNMM) has gotten lots of mileage out of their original business plan. They say they never have, and never will, accept bets from the US until they're sure they can. That's big points on my credibility scale...they seem like the safest Internet gaming investment available from a legal standpoint (see news release).
STARNET MAINTAINS ITS INTERNET GAMING PLAN:
NO WAGERS ACCEPTED FROM NORTH AMERICA
Wilmington, DE, March 6, 1998 - Starnet Communications International Inc. (NASD OTC-BB: SNMM) ("Starnet") wishes to confirm that its operations remain unaffected by the current legal issues surrounding Internet wagering in the United States.
On March 4, 1998, the U.S. Department of Justice indicted 14 executives of six Internet sportsbook companies with accepting wagers from Americans. These charges were laid under the Interstate Wire Act, which prohibits the use of U.S. telephone lines (telephone, Internet) to operate an interstate or foreign gambling business.
Starnet's Form 10-SB, filed with the SEC on May 24, 1997, states that "due to the uncertain regulatory environment as it relates to Internet gaming in the U.S. and Canada, management intends to focus on the market outside of North America until such time as U.S. and Canadian laws, specifically in regard to Internet gaming, are clarified."
Starnet's wholly owned subsidiary World Gaming Services Inc. (www.worldgaming.net) operates an Internet gaming system that holds two licenses in Antigua to accept wagers on virtual casino games, sporting events, international lotteries and pari-mutuel (horseracing) events. The World Gaming system is configured to detect a customer's origin and actively decline wagers from the U.S. and Canada. North Americans are, however, currently permitted to "Play For Fun."
Starnet's management intends to continue with their marketing plan of pursuing European and Asian bettors, who comprise over 60% of the global gaming market and yield higher per capita gambling expenditures than North Americans. World Gaming is currently marketed in seven languages, and has been accepting wagers via the Internet since October 22, 1997.
Starnet (http://www.starnetcommunications.com) is a fully reporting, publicly held interactive entertainment company, which identifies and commercializes Internet technologies for established markets.
For further information, please contact Investor Relations:
Toll-Free: (888) 777-6458
Telephone: (604) 685-7619
Facsimile: (604) 684-0391
E-Mail: ir@starnetcommunications.com
The statements in this press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 and is subject to the safe harbor created by these sections. Actual results may differ materially from Starnet's expectations. |
