News:
DENVER--(BUSINESS WIRE)--April 21, 1999--First Entertainment (OTC BB:FTET) announced today the signing
of a letter of intent to form a 50/50 joint venture with Global Games Corp., a Nevada corporation (OTC BB:GLOW)
to acquire ownership of certain Bingo software.
The venture will own Bingoforfree.com, which will be hosted in Canada and will offer free Bingo games for fun and
prizes, and Bingoforcash, which will be licensed to other entities offering Bingo play for money and prizes as well.
Global Games Corp. has previously granted a software license to Internet Gaming Corp. of Dominica, which will be
contributed to the joint venture by Global upon the formation of the joint venture. The joint venture plans to
license this software to other operators, which will add additional revenue streams to the joint venture.
The software is fully developed and has been beta tested for the last seven months. It is capable of being brought
online in the next two weeks. It will allow approximately 2,700 players to play simultaneously in real time for each
server that is dedicated to the games.
Bingo is currently the most socially accepted form of wagering in North America with a 79% acceptability rate from
the general public. This is mostly due to its association with churches, charities, and non-profit organizations.
According to the "International Wagering Gaming Business" (a gaming industry publication) on a per visit basis,
more people visit land-based bingo halls than all Hollywood movies, rock concerts, professional sports and
casinos combined. Worldwide, land-based Bingo draws over $70 billion (U.S.) per year. It is the intent of the joint
venture to bring the power of the Internet to Bingo lovers around the world.
First Entertainment (OTC BB:FTET) in announcing this joint venture intends to create this international online
bingo game as an entertainment-based Internet community portal. This destination entertainment portal will host
free e-mail, news, music, comedy and lifestyles information surrounding an exciting Bingo game. The joint
venture's goal is to become the leader in the Internet bingo industry by providing the most advanced bingo
software available today.
Bingoforfree.com will offer free play along with hot links to a variety of entertainment activities, and plans to
establish a number of prize and promotional partnerships. An infrastructure of chat rooms, e-mail, comedy
entertainment, and shopping at an adjacent virtual mall, will all be integrated into this site to provide an enhanced
interactive experience for players.
A.B. Goldberg, president of First Entertainment, said, "Online communities are exciting and rapidly growing
Internet phenomena being driven by the desire of people to meet, talk, and interact with others who have similar
interests. It is well documented that web sites that offer community services attract more online gamers who will
find they want to visit more often and stay longer."
Bingoforfree.com will be hosted in Canada by CBI Systems Integrators using Microsoft Internet platforms. The
three-tiered architecture, multi-backbone network has proven to support millions of user sessions per day.
UUNET/MCI Worldcom (NASDAQ WCOM) provides the Internet connection, assuring the communications
infrastructure necessary for the growth that Bingoforfree.com plans in the future.
Bingoforfree.com will compete with other developers such as Bingo.com (OTC BB:BIGG), which announced
recently that it is developing a free game to be soft launched April 30, 1999.
First Entertainment is a multimedia company and has divisions or subsidiaries operating in the areas of radio
broadcasting and comedy clubs.
Note: 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.
CONTACT: First Entertainment
Steve Goodman, 303/228-1650
www.FirstEntertainment.com
|
