LAS VEGAS--(BUSINESS WIRE)--Nov. 30, 1998--
First Year Wagering Projections Revised to U.S. $75 Million
GIC GLOBAL(OTC Bulletin Board:GGNC.O) GIC Global Intertainment
Corporation, (United States OTC BB: GGNC) a high technology
entertainment and marketing company that markets an on-line sports
book and casino at www.cyberbetz.com, announced today that the initial
response from the introduction of their interactive on-line sports
book has been overwhelming.
For the 1998 fiscal year, ending August 30, 1999, GGNC has
revised their first year wagering revenues to reflect the response
they've received from the Internet gambling community during their
first quarter of operations. The Company expects that wagering
revenues placed through their Cyberbetz Casino and Interactive Sports
Book will exceed U.S. $75 Million, with gross profits of U.S. $11.2
Million.
James Chu, president and CEO stated "We have been anxiously
awaiting the arrival of this interactive on-line sports book software.
We knew that the response from our existing and new client base was
going to be positive, but we never anticipated such an overwhelming
response. Since the introduction of the Cyberbetz Sports Book last
week, the traffic to the Cyberbetz site has more than doubled. This
causes a positive chain reaction to occur. It registers us higher in
the rankings of the gambling directories as one of the most popular
gaming sites. This in turn, drives even more traffic to our site, and
the chain reaction continues. This means more deposits, more wagers,
more profits and a healthier bottom line to the Company and our
existing and future shareholder base."
It is estimated that approximately $88 billion dollars of
wagering is currently taking place in the untapped North American
gaming market. Internet sports books, Internet casinos and gaming
stocks related to either of them, are now poised for explosive growth.
Industry analysts predict changing gambling behaviors. As more and
more traditional gamblers become familiar and comfortable with the
Internet, their traditional gambling habits will convert from Las
Vegas style gambling to Internet gambling.
On November 24, 1998, GGNC was listed on the "Hot Subjects" page
of the Silicon Investor at www.techstocks.com.
On November 26, 1998, James Chu was interviewed by TSN Sports
Network for a feature on Internet gaming and sports book betting. The
Cyberbetz on-line sports book and casino will be featured on this
nationally broadcast television station which is expected to air in
early December, 1998.
The Wall Street Research Group, a company that features
undervalued stocks in emerging growth markets, has now listed GGNC as
a recommended buy.
Michael, A. Furr, president of Wall Street Research Group stated
"GGNC is tremendously undervalued, especially when you consider the
huge gains and astronomical P/E ratios given to other Internet related
stocks. EBAY for example moved from $25 1/4 to $234 within 3 months,
BAMM moved from $2 1/4 to $40 within 30 days, AMZN moved from $24 1/4
to $233 within 12 months. The fact is that GGNC is an Internet stock,
just like EBAY, BAMM and AMZN. These stocks and stocks like them are
highly susceptible to radical movements in price. GGNC is expected to
make a profit this year in a proven Industry like gaming. Internet
gaming is becoming more and more commonplace as traditional gamblers
around the world and the U.S.(currently estimated at 200 million
worldwide and 25 million in the U.S.) go online like everyone else. We
see Internet gaming stocks as being the next "Hot Sector" to be in. We
are bullish about this sector and are aggressively seeking out
companies like GGNC with the potential to take advantage of this fast
developing industry, while they, and this industry, are still in their
embryonic stages. This sector is where the next Microsoft, E-Bay or
Amazon is likely to be found."
For additional information, see Wall Street Research Group's
"recommended buy" listing at www.superstocks.net/gicglobal or call
1-800-943-2298.
The statements in this press release may contain 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 are subject to
the safe harbor created by these sections.
Actual results may differ materially from GIC's expectations.
--30--LBH/ch* |
