Goanna Resources Inc., Changes Name and Business Direction
PR Newswire - April 14, 1999 16:17
* Strategic Internet Partnership Agreement Signed in Entertainment Sector
* Negotiations Underway to Acquire Other Internet Companies
* New President Appointed
VANCOUVER, British Columbia, April 14 /PRNewswire/ -- A change of name as well as change in business direction was announced today by Goanna
Resources Inc. (OTC Bulletin Board: GOAN, GOAND) (effective since the recent rollback. However, a new trading symbol will be announced shortly and
the company will be seeking approval to move its domicile to become a Colorado Corporation).
To better reflect the new business direction for the company, Goanna has changed its name legally to InternetWorx International Inc. Through its own
initiatives and through partnerships and alliances with other companies, InternetWorx will be a leading provider of a variety of online entertainment pastimes,
sports and specialized information services to the millions of global users of the Internet.
In the evaluation process and analysis of the Internet economy and the opportunities presented, the Board of Directors of Goanna voted unanimously to divest
itself of all its resource mining properties in Australia. The decision was based on the continuing depressed market conditions for gold and base metals with no
near term end in sight and the continuing drain on the Company's financial resources to maintain properties in compliance with under Australian government
regulations.
InternetWorx International is pleased to announce its first venture, a strategic partnership with Starnet Communications International Inc., also trading on the
Nasdaq OTC Bulletin Board, Symbol: SNMM and the Berlin Stock Exchange on the Over-The-Counter market there under the symbol SMM. Starnet
commenced trading in September of 1997 and is a fully-reporting company. It has recently applied for a listing on the Nasdaq National Market System.
Through a wholly owned subsidiary of Starnet, Softec Systems Caribbean Inc., InternetWorx International Inc., has acquired a license for Softec's turn-key
Internet gaming technology through Just Fun Ventures Inc., a wholly owned subsidiary of InternetWorx. The license gives InternetWorx the rights to
sub-license cybercasinos to other companies under a fee and royalty arrangement. The company will pay an initial license fee of US $100,000 and royalties to
Starnet. A fee of US $100,000 annually is paid to the government of Antigua for the global gaming license.
Under the technology agreement, Softec will supply a customized, full service Internet gaming system. Customers will be able to place wagers under a
guaranteed, fully-insured, secure cash transaction system for real money on casino-style games of chance as well as an international sportsbook. The system
will operate globally 24-hours a day, seven days a week in several languages. Additional gaming services are currently under development. They include
lotteries, horse racing, bingo and the immensely popular Japanese game of Pachinko.
The Financial Times has estimated that the Internet gaming market will yield annual net earnings of US $10.2 billion by the year 2002. The Wall Street Journal
has described Starnet as "one of the established leaders in Internet gaming and entertainment." Legal global wagering is estimated at $1 trillion. Sports betting
alone generated $600 million in revenues over the Internet in 1997. Also, a recent survey by research firm IDC predicts that 58 per cent of Internet users will
be located outside the United States by 2002.
Besides the online casino operations, the Company is also in negotiations with a private corporation to acquire several other Internet properties in various areas
of development. However, the markets being targeted represent several millions of dollars in potential annual revenue. InternetWorx International is committed
to showing a profit in the first twelve months of being fully operational.
Since the InternetWorks has so few shares outstanding, approximately 675,000, the Board of Directors plan to review potential options shortly to maintain
maximum share value. A share split will be one of the considerations for discussion.
Byron Cox has been appointed president of InternetWorx International Inc. Mr. Cox has a distinguished career in business management and has held senior
management positions in marketing with advanced technology companies and in the entertainment industry. He headed the Canadian government's marketing
and promotion activities for the world exposition in Vancouver, Canada. In addition, he directed international marketing and communications for the
world-famous Ripley Believe It or Not attractions and was a Director with one of the world's largest advertising agencies.
InternetWorx International is currently in final negotiations with one of the most successful Internet marketing agencies in the gaming business and expects to
announce a contract with them next week.
The InternetWorx gaming site www.luckygambler.net will be launched within the next 90 days. Using a unique marketing strategy, the company expects to
have the most heavily traffic-generated cybercasino in the world.
A corporate website www.internetworxinc.com will be launched this week.
On behalf of InternetWorx International Inc.
Byron G. Cox, President
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 in filings
with the Securities Exchange Commission.
SOURCE Goanna Resources, Inc.
/CONTACT: InternetWorx International Inc., 604-646-5614; or Stockbroker
Relations, 800-546-7950, or invest@istar.ca/
/Web site: luckygambler.net
(GOAN GOAND SNMM) |
