Just saw this come out at FTET.
First Entertainment Holding Corp. Announces That It Is Finalizing A Letter Of Intent With Global Games Corp.
Business Wire - December 29, 1998 08:50
DENVER--(BUSINESS WIRE)--Dec. 29, 1998--First Entertainment Holding Corp. ("FTET")(OTC BB: FTET) announced today that it is finalizing a letter of intent with Global Games Corp. ("Global") (OTC BB: Glow) for the licensing of Global's sports book software and related technology.
The Global software allows for a full range of sports book gaming and will soon offer live horse racing wagering as well.
The letter of intent, will be subject to a number of conditions including the completion of due diligence, approval of the transaction by the Board of Directors of both companies and receipt of the necessary legal and regulatory approvals.
Under the terms of the proposed letter of intent Global will receive 30 percent of the adjusted gross profit as payment for licensing fees from revenue generated by FTET using the Global software. Global would provide all technical service support from the use of its software.
As previously reported in a press release FTET entered into a definitive agreement on Sept. 15, 1998 with Sportsnet Inc. ("SNI") an Internet based technology provider of hardware, software, interactive casino games, lotteries, associated business applications, Web development, and site building and maintenance services to Internet casino companies around the world.
The effective date of the agreement will be 10 days after the following two events have occurred; (1) SNI has completed a financing of not less than $1,000,000 and (2) the company has entered into a contract with a credit card processor for participants in the Games satisfactory to both FTET and SNI. As of the date of this press release the two events required to effect this agreement have not yet occurred.
FTET is committed to maintaining strict compliance with all existing and pending federal, state and local legislation regarding Internet gaming and in conjunction with Sportsnet, will build and operate this site to insure strict compliance.
First Entertainment is a multi-media company and has divisions or subsidiaries operating in the areas of radio broadcasting and comedy clubs.
This press release contains forward-looking information with respect to the results of operations and business of FTET that involves risks and uncertainties. FTET's actual future results could be materially different from those discussed. Risks and uncertainties of FTET will be detailed from time to time in the company's periodic reports to be filed with the Securities and Exchange Commission.
Visit the company's Web site at www.FirstEntertainment.com.
CONTACT: First Entertainment Holding Corp.
Steve Goodman, 303/228-1650 |
