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BIG DOG
Wednesday June 17, 8:55 am Eastern Time
Company Press Release
Adrenalin Interactive Signs Licensing Agreement With Netbet
LOS ANGELES--(BUSINESS WIRE)--June 17, 1998--Adrenalin Interactive Inc., (NASDAQ:ADRN - news) formerly Wanderlust Interactive Inc., announced today it has signed an agreement with Netbet Inc. (OTC:NBET - news) to license the new Adrenalin game concepts to be used on Internet gaming web-sites. Netbet is a developer and licensor of Internet gaming technology and has an exclusive agreement with an offshore on-line casino, Casinos of the South Pacific, for 80% of COSP's net revenue.
Adrenalin has developed a new technology for traditional games of skill to be played in on-line gaming tournaments. Players need not have special talents, and those who score average or above average in the tournaments can win cash prizes.
The terms of the license agreement include a 50/50 sharing of net revenues and extensive technology interchange. The two companies will share designs, game-play and graphics as well as the requirements of cash transactions and server protocol so that the games may be integrated into the on-line casino web-site format. The companies will also develop a testing plan for Internet player input on refinement of the design and function of the games. The Board of Directors of both companies must approve the terms of the agreement.
Jay Smith, Chairman and CEO of Adrenalin, stated, ''This agreement with Netbet is a significant milestone in the application of our new gaming technologies. Netbet has a unique combination of infrastructure and experience which will enable us to bring games to the market that are carefully tailored to the needs of Internet gaming players.''
Don Wright, Chairman of Netbet, added, ''This agreement with Adrenalin strengthens our position in the Internet gaming technology area and defines a path to a future of innovative and profitable new gaming products. We intend to aggressively pursue top search engines and hot web pages to create exposure for the companies' new games.''
Adrenalin Interactive Inc. develops and licenses console video games for Sony, Nintendo and Sega consoles, entertainment titles on PC computers, and Internet ''play-to-win-cash'' games for the World Wide Web. The Company also develops and licenses Electronic Toys and creates interactive television games for digital set-top boxes. In February 1997, the Company acquired the operations of Western Technologies, a well-established video and computer game developer and electronic toy designer, which has done business as Adrenalin Entertainment or Western Technologies since 1980.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the Company's control, which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission.
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Contact:
ADRENALIN INTERACTIVE INC.
Jay Smith, CEO
(310) 821-7880, (310) 821-4251 fax
e-mail: jsmith@adrenalin.com
adrenalin.com
or
WOLFE AXELROD ASSOCIATES
Stephen D. Axelrod, CFA
Nancy S. L. Block
Susan T. Bolen (Media)
(212) 370-4500, (212) 370-4505 fax
e-mail: steve@wolfeaxelrod.com
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