e-Casino Gaming Corp. to Establish Direct Link Satellite Facility in Costa Rica and Completes 3rd Private Placement
VANCOUVER, British Columbia--(BUSINESS WIRE)--April 27, 1999-- e-Casino Gaming Corp. (OTC BB: ECGC - news) is setting up its own direct link satellite communications operation in Costa Rica to facilitate enhanced telecom and internet links for its electronic gaming Website (located at www.e-casinogaming.com). The satellite link will also provide e-Casino Gaming Corp. with the telecommunications capacity to develop and implement additional local and international business opportunities.
''Our business development strategy requires that we make tactical investments in capital equipment of this nature. We need to be able to both control and expand the critical elements of our e-commerce business. This satellite link will allow us to manage the flow of data to and from our internet site as well as offering us numerous options for developing complementary strategic alliances and revenue producing businesses in the region'', stated Ed Gallagher, CEO, e-Casino Gaming Corp.
Mr. Gallagher added, ''Costa Rica's government is dedicated to implementing an economic development strategy that encourages advanced technology business opportunities as well as making substantial expenditures on education. This is reflected in the major investments that have been made by major multinational companies like Hewlett Packard and 3M. As well, the number of Internet users in Costa Rica is more than doubling every year. We want to be in a position to be a partner in the evolution of the country's economy and this technology oriented investment will definitely help.''
The satellite earth station, associated expenses and recurring operational expenses will require an initial investment of over $200,000 over the next 3 months. The equipment to establish the facility has been ordered and is expected to be operational by June 1, 1999. MCI World Com will provide the satellite link. The system will provide the company with nine T1 lines (256 trunk lines). It is expected that the on-line gambling operation will initially utilize under 25 of these lines and increase to 150 lines within the year. The additional telecom lines will be available for other business development opportunities.
The Company also wishes to announce that it has recently completed its 3rd private placement in the past month. This financing provides further evidence that the Company is on-track with the implementation of its aggressive growth oriented business plan. As stated in prior releases, e-Casino Gaming Corp.'s website will be operational for on-line gambling on or before May 1,1999.
In other developments, e-Casino Gaming Corp. is now receiving full financial coverage in Standard and Poor's Corporation Records Service and S&P Market Access for OTC Bulletin Board Companies.
About e-Casino Gaming Corporation
e-Casino Gaming Corp. is a casino and gambling business based in Costa Rica. The first element of its business is the establishment of an online casino and gambling business at www.e-casinogaming.com. The Company is also in the process of developing related businesses and other electronic and e-commerce business that will enhance its overall growth and profit potential.
Frost & Sullivan estimate that wagering via the internet was approximately $1 billion in 1998. Gaming consultants Christinansen/Cummings estimate internet wagering to reach $2.3 billion by 2001. The Financial Times has estimated that the Internet gaming market will yield annual net earnings of US $10.2 billion by the year 2002. Playboy and Harrah's are now entering the sector.
This press release contains forward looking statements with the respect to the results of operations and business which could be materially different from those discussed. Risks and uncertainties of the Company will be detailed from time to time in the Company's periodic reports to be filed with the Securities and Exchange Commission.
Contact:
e-Casino Gaming Corporation
Tony Markus, 604/608-6828
www.e-casinogaming.com |
