I just found News on Yahoo !!
biz.yahoo.com
Thursday July 30, 1:33 pm Eastern Time
Company Press Release
Global Games Corp. Signs Software Agreement With Island Sports and Casino, Dominica, W.I.
MINNEAPOLIS--(BUSINESS WIRE)--July 30, 1998--(OTC BB:GLOW - news) Global Games Corp. announced today it has signed a formal Internet software license agreement with Island Sports Book and Casino, Commonwealth of Dominica, West Indies.
This Agreement calls for the Commonwealth of Dominica, West Indies to receive approximately U.S. $9,000,000 per year, which is ten percent (10%) of the projected pre-tax profit.
Island Sports Book and Casino will begin operations with full betting sports book wagering available by phone on August 5, 1998 and will be online for international wagering beginning August 10, 1998.
A complete menu of virtual casino games will be added in the near future.
This is a five-year trilateral agreement that allows Island Sports Book and Casino to share technical and secure transactional support with Internet Gaming Corp. of Dominica, a private company with whom Global Games already has a licensing agreement in place.
Island Sports Book and Casino will function and operate as an international business corporation under the laws of the Commonwealth of Dominica.
Global Games Corp. will receive ten percent (10%) of the pre-tax profits for the life of the Agreement as a software licensing fee and to provide software enhancements and ongoing support.
Island Sports Book and Casino will provide Global Games with audited statements quarterly.
According to Mr. Julius Timothy, Minister of Finance, Industry and Planning for the Commonwealth of Dominica, the monies generated from Island Sports Book and Casino will be used to improve hospitals and medical programs, youth sports programs, airport expansion, and other community projects on the Island of Dominica.
This press release contains forward-looking statements which are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Expressions of future goals and similar expressions reflecting something other than historical fact involve a number of risks and uncertainties, including timely development and market acceptance of certain products and services, successful integration of acquisitions, the ability to secure additional financing and the ability to operate within the framework of available resources. The actual results the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties.
Global Games Corp. (OTC Bulletin Board: GLOW - news) is an Internet-based commercial service business providing secure automated transaction processing for merchants and Internet customers. Additionally, Global provides management and consulting services. Global's core marketing strategy is to develop ''recurring electronic revenue streams'' based on targeted niche markets where the Company's expertise can be leveraged.
--------------------------------------------------------------------
Contact:
Global Games Corp.
Gary Borglund or Allysa Amundson
Phone: 612-672-0834
Gborglund@globalgames.com
Allysaa@globalgames.com
globalgames.com |
