****NEWS RELEASE**** Good news for Starnet...Bad news for others
STARNET UNAFFECTED BY PASSING OF "KYL BILL"
Wilmington, DE, July 23, 1998 - Starnet Communications International Inc.(NASD OTC-BB: SNMM) ("Starnet") wishes to announce that it does not expect to be adversely affected should the U.S. Internet Gambling Prohibition Act become law.
In an effort to expedite the passing of his amendment to the Interstate Wire Act, Senator Jon Kyl (R-Arizona) managed to annex the legislation to a commerce bill. This bill was passed today in Senate, but must still be passed by the House of Representatives in order to become law.
Starnet's Business Plan, filed under its Form 10-SB with the U.S.
Securities Exchange Commission on June 18, 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.
(http://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, 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 eight languages, and has been accepting wagers via the Internet since October 22, 1997.
The Financial Times has estimated that the Internet gaming market will
yield annual net earnings of US $10.2 billion by the year 2002. ABC News has described Starnet as "a reputable pioneer in Internet Gambling."
Starnet is a fully reporting, publicly held company, which identifies and commercializes Internet Technologies for established entertainment markets.
For further information, please contact Starnet Investor Relations
Alan Poole, Laurie Dunn, Toma Sojonky (Media)
(888) 777-6458
(604) 685-7619
snmm.com
ir@SNMM.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.
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