OLd news:
News article received, Tuesday, April 27, 1999 1:05:43 PM EST
Capital Research Announces Investment Opinion on Interactive Gaming & Communications Corp. through TheSubway.com
PLYMOUTH MEETING, PA. (April 27) BUSINESS WIRE -April 27, 1999-- Interactive Gaming & Communications Corp. (ICG) (OTC BB:SBET), a Philadelphia area software development and Internet company, announced that coverage of the company has been initiated by Capital Research Group.
Through its Internet site, www.TheSubway.com, Capital Research profiles undervalued, undiscovered, early stage, emerging growth companies. Capital Research believes IGC offers exceptional short and long term growth potential and is undervalued for the following reasons:
IGC, through its subsidiary Intersphere Communications Ltd., has developed an exceptional reputation for its renowned proprietary casino and sports book software "LiveAction" that it currently markets to the casino industry and competes with similar software designed by Playstar (OTC BB:PSCKF), Starnet Communications International Inc. (OTC BB:SNMM), Atlantic International Entertainment Ltd. (OTC BB:AIEE), and Venture Tech (OTC BB:VTEH), and used by GIC Global Intertainment (OTC BB:GGNC), Global Games (OTC BB:GLOW) and GLC (Nasdaq:GLCCF). The LiveAction Gaming Platform was the first software ever to accept a live wager for real money on the Internet in March of 1995.
Recently, the company announced that it will receive $2.5 million in initial funding from Century Industries Inc. (PHLX:CII.B; OTC BB:CNTI) for GambleNet Technologies Ltd. (GTL), a Joint Effort project between the two companies. The funds will be used to complete the addition of "ToteMaster", an Internet/Intranet Live video and wagering system for Thoroughbred Horseracing to the company's Live Action Gaming Platform. "ToteMaster" will replace the existing and costly to operate simulcasting systems currently in use at race tracks and will provide users increased wager handles by accepting wagers over the Internet. Horse Bettors will be able to place multiple bets into participating tracks wager pools and then view the race or races in real time video over their computer. Revenues are estimated at 3.5% to 5% of the track handle for using the simulcasting and wagering software. Combined revenues from the Horseracing industry in North America alone exceeded $17 billion with the tracks net earnings in excess of $4 billion. The first Beta release for "ToteMaster" is scheduled for late 1999.
The company has also recently launched playforfun.com (http://www.playforfun.com), a casino and sports books gaming site that allows users to play all of the popular casino games and a chance to win cash and prizes at no risk to the player. This is the second addition to the suite of portal sites hosted by IGC which includes gamblenet.com. (http://www.gamblenet.com) a portal site for gaming enthusiasts that features a directory of gambling related sites that duplicates a similar formula to Yahoo! (Nasdaq:YHOO) and a shopping area for gambling related items through its relationships with Amazon.com (Nasdaq:AMZN) and Digital River (Nasdaq:DRIV).
The company generates revenues through the sites through advertising, sponsorship, and by private-labeling its play for fun software to other companies in need of added entertainment value for their user base. Revenues from the Play for Fun site combined with $3 million projected revenues from the GambleNet site, is projected to be over $4 million in additional revenues.
The sites were developed by Intersphere Communications Ltd. (http://www.intersphere.com), a Philadelphia-based subsidiary of IGC, which focuses on online development and software design and markets it world-renowned gambling software, The Live Action Gaming Platform, for online or land-based casino gaming. Intersphere's clients include Metro-Goldwyn-Mayer Inc. (Nasdaq:MGM), Comcast Communications (Nasdaq:CMCSK) among others.
For your free research report and investor kit, visit www.TheSubway.com.
For further information about IGC see their website at www.igccorp.com.
The statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 and are subject to the safe harbor created by these sections. Actual results may differ materially from IGC's expectations.
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