PR NEWSWIRE) Solomon Telekom Enters Negotiations with New Discoveries
Solomon Telekom Enters Negotiations with New Discoveries
SYDNEY, Australia, March 4 /PRNewswire/ -- Solomon Telekom has entered
negotiations with New Discoveries Publishing Corp. (OTC Bulletin Board: NWDP)
to license its software to companies entering the sportsbook and casino gaming
market.
Solomon Telekom is a joint venture agreement between the Solomon Islands
government, who has a 58.1% shareholding and Cable and Wireless Plc, United
Kingdom (NYSE: CWZ) being the remaining shareholder.
Under the agreement, Cable & Wireless Plc has been granted a management
contract to provide Solomon Telekom with the operational and technical
staffing support. Their objective is to control and maintain the national and
international telecommunication services to Solomon Telekom.
It is anticipated that royalties to New Discoveries may be between
US$10 million and US$20million per annum for each licensed casino.
Peter Michaels, Chairman and CEO of New Discoveries Publishing Corp., said
he believed this would be a fantastic opportunity for the government of
Solomon Islands.
"We are very pleased to be able to assist in offering telecommunications
services to the Solomon Islands," he said.
Media Company (AMC) for Internet gaming capabilities will receive
royalties from this arrangement.
AMC is also establishing facilities for the delivery of home gaming via an
interactive satellite television network based in Sydney.
In the past three months since listing on the Australian Stock Exchange,
Cable & Wireless Optus has risen 115% from $1.85 to a high of $3.98.
In the United States, a similar story has been told by telecommunications
and Internet stocks with Cable & Wireless Plc rising 29% from $43 to $55;
Excite, Inc. has risen 113% from $50 to $106-5/8; Yahoo has risen 39% from
$110 to $153-7/16; Microsoft has risen 26% from $119 to $149-5/8 and Lycos
Inc. has risen 37% from $65 to $89.
New Discoveries Publishing Corporation, a Nevada-based company, was formed
providing high quality, gaming and entertainment with an emphasis on customer
service.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained herein which are not historical fact are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed in the
forward-looking statements, including, but not limited to, certain delays in
testing and evaluation of products and other risks detailed from time to time.
SOURCE New Discoveries Publishing Corp.
-0- 03/04/99
/CONTACT: Jennifer Parker, +61-2-9818-0919, or jparker@ppr.com.au, or
Melanie King, +61-2-9818-0920, or mking@ppr.com.au, both of Professional
Public Relations, for New Discoveries Publishing/
(NWDP CWZ)
CO: Solomon Telekom; New Discoveries Publishing Corp.; Cable & Wireless Plc
ST: Australia, Solomon Islands, Nevada
IN: TLS CPR
SU: LIC
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