NEWS AFTER THE CLOSE TUESDAY:
Tuesday December 1, 5:06 pm Eastern Time
Company Press Release
Internet Company, GGNC, Signs Letter Of Intent To Purchase Second Offshore Internet Sports Book And On-Line Casino With Yearly Wagering Revenues Of U.S. $100 Million
LAS VEGAS, NEVADA--GIC Global Intertainment Corporation, (United States OTC BB: GGNC) a high technology Internet Company that markets an on-line sports book and casino at www.cyberbetz.com, announced today that they have signed a letter of intent with a Private Company to purchase a second Offshore, Internet Sports Book and On-line Casino with wagering revenues of U.S. $100 Million per year. The Private Company has been in business for over 3 years and currently has over 2000 wagering clients.
James Chu, president and CEO stated ''The response from our first on-line sports book and casino, Cyberbetz, has been overwhelming. The traffic to Cyberbetz has doubled every month since our grand opening on September 1st, 1998. With the introduction of
our interactive on-line sports book, last week, the traffic doubled again. Internet Sports Books and Casinos are in very high demand right now. Once the infrastructure is in place for a casino it can become profitable within 3 to 4 months. Now that t
he infrastructure for Cyberbetz is in place, GGNC will now be bringing on-line theme casinos. This is a concept that was perfected in Las Vegas. Gamblers like to have variety. A gambler that goes to Las Vegas may visit 3 to 4 casinos in one night. Th is is the same formula that GGNC will use to capture a larger percentage of the Internet Gaming market. Cyberbetz is our flagship casino. It is a ''generic casino'' with no theme, but it has already won two awards and is highly successful. Now GGNC will be opening up a number of on-line theme casinos that will be targeted towards various different demographic groups. Each casino will carry a different theme, similar to Las Vegas. Each on-line theme casino will use exciting theme logos and theme graphi cs to accentuate each chosen theme. Some of the possibilities include an International World Travel theme, a 1950's theme, an Old Classic Car theme, an Egyptian theme, etc. Each of these casinos can be operated under the same license and existing Cybe rbetz infrastructure. Since the Cyberbetz infrastructure is already established, the expense of adding additional theme casinos will be minimal. The revenues and profitability for GGNC on the other hand will increase dramatically. The possibilities u sing this theme casino concept are very exciting.''
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 expect ed to air in early December 1998.
On November 30, 1998, GGNC revised its first year wagering projections for its Cyberbetz Sports Book and Casino to U.S. $75 Million with gross profits of U.S. $11.2 Million.
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 $2 34 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 ra dical 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 worldw ide 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 advantag e 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.
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