Ranes Changes Name to WorldNetCasinos.Com
March 23, 1999 09:02 AM
LAS VEGAS, Nev.--(BUSINESS WIRE)--March 23, 1999--Ranes International Holdings Inc. RIHI Tuesday announced its merger with WorldNet Casinos, and that the majority of the Ranes stockholders voted to change its name from Ranes International Holdings Inc. to WorldNet Casinos.Com Inc.
A new trading symbol will be issued to WorldNet Casinos.Com.
WorldNet Casinos' audits are in process, and management anticipates that the majority of WorldNet Casinos' $6 million investment in proprietary software and hardware will be captured in the audit, and be available for its application to qualify for a small-cap NASDAQ listing.
WorldNet Casinos' wagering (handle) grew 22% from $7 million in January to over $8 million in February 1999. The increase was attributed to additional revenues generated from licensing and gaming operations.
Operating profits as a percent of gross wagering remained constant at 15% for the month. In addition, as recently announced in its agreement with the world class Internet sportsbook operator SBG Global, WorldNet Casinos receives 40% of the "Net Win" from all SBG Global processed transactions.
President Kelly Arruda commented, "We have revised our 1999 forecast upward to over $100 million in gross handle, as we enter a phase of rapid growth and profitability. This is exciting news for our stockholders. We feel that our financial performance combined with our high quality casino software products, will only help fuel interest in WorldNet Casinos.Com."
According to the Computer Industry Almanac, by the end of 1998 there were more than 147 million Internet users worldwide. This number is constantly growing. By the year 2000, 327 million people around the world will have Internet access.
The top 15 countries will account for nearly 82% of total Internet users (including business, educational and home Internet users). By the year 2000 there will be 25 countries where over 10% of the population will be Internet users.
Forrester Research recently estimated that worldwide Internet commerce could reach as high as $3.2 trillion in 2003. The 1998 Casino & Gaming Business Market Research Handbook predicts that the Internet gaming market could reach US $100 billion to US $200 billion in annual revenues by 2005.
Other participants in the Internet gaming industry are StarNet SNMM and Global Intertainment Corporation GGNC .
WorldNet Casinos.Com, a pioneer of Casino Games and services for the Internet, is the leader in developing Casino games that are easy to access, exciting to play and safe and secure to use. For additional information about our products or company, please visit our web site www.worldnetcasinos.com, e-mail press@worldnetcasinos.com or call investor relations at 877/899-9950.
Note to Editors: Certain statements herein that are not historical are forward looking statements which involve risk and uncertainties.
Investors who seek more information about the company's business and relative risk factors may wish to review the company's periodic reports filed with the SEC including, but not limited to, its most recent Annual Report on Form 10-K/SB and Quarterly Report on Form 10-QSB.
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