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Tuesday December 1, 12:44 pm Eastern Time
Company Press Release
Atlantic International Entertainment, Ltd's to Introduce Wireless Hand-held Computer for Net Surfing and Gaming
1st Year Potential Over $7 Million in Gaming Alone
BOCA RATON, Fla.--(BUSINESS WIRE)--Dec. 1, 1998-- Atlantic International Entertainment, Ltd., AIE (OTC BB: AIEE) today announced that through it's wholly-owned subsidiary, Atlantic Internet, it has expanded its agreement with South African-based Accord Technologies (JSE-ACR) to distribute Accord's wireless hand-held computer to Internet companies in North America.
Atlantic currently holds the rights to this device on an exclusive basis for Internet gaming on a worldwide basis. The hand-held computer will be offered to the market in the second quarter of 1999.
Atlantic Internet's President & Chief Executive Officer, Richard A. Iamunno stated, ''We are elated that Accord has chosen Atlantic Internet as its North American distribution company for the wireless hand-held computer. Recent events underline the importance that this device will have to the continued growth of the Internet and electronic commerce. The two main markets that we now have the rights for to distribute the hand held computer are for Internet suppliers and Internet gaming and wagering. We will be creating a separate sales organization in Atlantic Internet for distribution, service and support. We anticipated the gaming and wagering market alone will see up to 10,000 computers sold in the first 12 months of worldwide distribution. Revenues associated with 10,000 units would exceed $7 million in year one. While we have not projected what the revenues for the North American Internet supplier market would be for the first 12 months of distribution, we are confident that it would exceed that of gaming and wagering.''
Iamunno further stated that, ''Accord Technologies is making a name for itself in South Africa. Our expanded agreement will gain recognition in the North American market for this high-quality, leading-edge technology company. Atlantic looks forward to working with and growing its relationship with Accord with the introduction of the hand-held device. Atlantic will formally introduce the hand held in the first quarter of 1999 in Florida.
Mr. Iamunno concluded, ''The investment community is now recognizing that companies like Atlantic International are actually e-commerce companies. The recent appreciation to the shares of GIC GLOBAL (OTC BB:GGNC - news; OTC Bulletin Board GGNC-news) demonstrates this. A recent research report on Global Entertainment Corporation written by Michael A. Furr, President of Wall Street Research Group, makes this case for Global -- and we believe this is equally true for Atlantic International. In his report, Mr. Furr states, '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.''
Accord President & Chief Executive Officer, Brandon Saldsman, stated, ''With the expanded agreement with Atlantic, we will be able to bring to North America our wireless hand-held computer in a more timely fashion than originally expected. The two markets that Atlantic will be distributing to, Internet Suppliers and Internet Gaming and Wagering, are vertical markets that have a clear need for our device. We expect that the timing for implementation of the hand-held will coincide with market demand and bring significantly tangible results for both Atlantic and Accord.''
To further support the need and importance of the wireless hand-held computer David Kalish of the Associated press was recently quoted saying that ''AOL has given access to millions of people, but almost all through personnel computers. Now PC sales are slowing even though less than half of U.S. homes own computers. That limits the ability of business such as AOL to sign up new subscribers and sell more advertising, which are its biggest revenue sources.''
AIE develops and markets Internet and private network transaction based products including global turn-key Internet Casino Extension, (ICE) for licensed casinos; webSports, Internet sports wagering system; Hotel Hotlinks, in-room gaming and entertainment system; realSports, an on-line sports information service and Internet-related products and services (Atlantic Internet).
This press release contains potential forward-looking statements regarding the Company. The future performance of the Company involves risks and uncertainties that could cause actual results to differ materially. Such risks include competition and pricing pressures, dependence on telecommunications carriers, management of growth, customer turnover, technological change, governmental regulation, unauthorized use of technology, system failures and a variety of stock market-related risks. For a more complete description of certain of such risks and uncertainties, we refer you to the documents that the Company files from time to time with the Securities and Exchange Commission including 10K filed May 26, 1998 with the Securities and Exchange Commission and form 10Q filed November 16,1998.
This Press Release is available on the KCSA Worldwide Public Relations Website at www.kcsa.com.
--------------------------------------------------------------------------------
Contact:
Atlantic International Entertainment, Ltd.
Richard Iamunno
President and Chief Executive Officer
Phone: 561-393-6685
Fax: 561-393-1485
or
KCSA
Robert J. Giordano /Joseph A. Mansi
(212) 682-6300, ext. 289/205
Fax: (212) 697-0910
e-mail: pr@kcsa.com
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