Atlantic International Entertainment, Ltd. (AIEE) Announces Formation Of Portable & Wireless Gaming Division With Acquisition Of Las Vegas-Based Excel Design, Inc.
PR Newswire - April 27, 1999 12:58
Excel Currently Has Agreements With Bally Gaming, Sigma Gaming
BOCA RATON, Fla., April 27 /PRNewswire/ -- Atlantic International Entertainment, Ltd., AIE (OTC Bulletin Board: AIEE) is pleased to announced today that it has acquired 100% of Las Vegas-based Excel Design, Inc. Excel develops hand-held portable and wireless gaming devices that extend the gaming floor space at casinos, sportsbooks and cruise lines. Excel's Pegasus PM-28 system (a hand-held device) gives gaming operators the flexibility to extend play to secured areas in the sportsbook, bar, restaurant, pool and bingo areas. The system runs existing gaming companies' programs, (e.g. Bally & Sigma), requires no bill hopper and no coin mechanism. The system can be located in a kiosk or any secured area the casino chooses. The terms of the transaction included two hundred thousand dollars ($200,000) and fifty thousand (50,000) stock options to California-based Advance Manufacturing & Development Inc. Additional stock options were granted to the management staff at Excel.
Richard A. Iamunno, President & CEO, stated that, "Atlantic's acquisition of Excel Design, Inc. is a key strategic event for our company. The Excel products are cutting edge and its management team is strong. In the near term, we see great potential expanding the penetration of Excel's products into a variety of markets -- Las Vegas casinos, cruise lines, Australian clubs and South African casinos. Additionally, we intend to integrate our existing Internet-based games to extend Excel's product line. In the long term, we think that the access to the Las Vegas market that Excel brings us will be a vital platform to sell Atlantic's Internet-based products if and when these casinos are allowed to offer such products. In short we expect this acquisition to bring significant value to the company. We project substantial sales revenues from these products to begin in the fourth quarter of 1999."
Atlantic International Entertainment, Ltd. develops and markets Internet and private network transaction based products, including global turn-key Internet Casino Extension(TM) (ICE(TM)), for licensed casinos; webSports(TM), an Internet sports wagering system; Lotto Magic(TM) a lottery system for private, government and fund raising purposes; and Bingo Blast(TM) for charity and private organization use.
This press release contains potential forward-looking statements regarding the Company. The future performance of the Company involves risks and uncertainties that could cause actual results to differ materially. Such risks include competition and pricing pressures, dependence on telecommunications carriers, management of growth, customer turnover, technological change, governmental regulation, unauthorized use of technology, system failures and a variety of stock market-related risks. For a more complete description of certain such risks and uncertainties, refer to the documents that the Company files from time to time with the Securities and Exchange Commission including 10K filed May 26, 1998 and form 10Q filed November 16,1998.
For Investor Relations please contact: Ira W. Miller or Larry Fortune, both of I.W. Miller Group, Inc., 949-833-9001.
SOURCE Atlantic International Entertainment, Ltd.
/CONTACT: Richard Iamunno, President & CEO, Atlantic International
Entertainment, Ltd., 561-393-6685, or fax, 561-393-1485/
/Web site: aieltd.com
(AIEE)
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