NEW YORK--(BUSINESS WIRE)--April 22, 1999--The Board of Directors
of CathayOnline (OTC BB:KYOM) has completed its corporate business
plan and initial due diligence and will proceed to acquire the first
Lottery Kiosks upon the receipt of its favorable legal opinion.
This is expected to be completed during the next month.
The Company has targeted a city in China with a population in
excess of eight (8) million people to launch the project. The
acquisition of approximately 200 electronic lottery kiosks is expected
during the first phase of operations.
The lottery kiosks earn 6% of gross revenues generated for the
lotteries. It is estimated US $1.3 billion in lotteries were sold in
the last 9 months. Lotteries in China are still in their infancy with
only 6% of the population having indulged in Lotteries compared to 85%
in the United States.
This project confirms the focus of the Company to engage in
businesses that provide significant cash flow opportunities and
established management.
CATHAYONLINE INC.
On Behalf of the Board of Directors
Brian Ransom, Director
More information can be obtained about CathayOnline by visiting
wfg.com.
Statements included in this press release which are not
historical in nature, are intended to be, and are hereby identified as
"forward-looking statements" for purposes of the safe harbor provided
by Section 21E of the Securities Exchange Act of 1934, as amended by
Public Law 104-67. Forward-looking statements may be identified by
words including "anticipate," "believe," "intends," "estimates,"
"expect," and similar expressions. The Company cautions readers that
forward-looking statements, including without limitation, those
relating to the Company's future business prospects are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those indicated in the forward-looking
statements.
--30--sdf/sf*
CONTACT: WORLDVISION FINANCIAL
Susan Kough, 888/345-6060 or 407/834-8944
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