NEWS!
CathayOnline Inc. Receives Confirmation to Proceed to Acquire the First Online
Lottery Kiosks in China
Business Editors
NEW YORK--(BUSINESS WIRE)--May 17, 1999--The Board of Directors
of CathayOnline (OTC BB:CAOL) has received confirmation to proceed to
acquire the first Online Lottery Kiosks in China.
The lotteries in China today are Government sanctioned and
operated by our local China Partner.
The Company has targeted Guangzhou as the first city in China
with a population in excess of 8 million people to launch the project.
The acquisition of approximately 200 electronic lottery kiosks is
expected during the first phase of operations.
At this time a representative of the company is currently in
China locating a number of sites for the initial acquisition. It is
estimated each site, based on historical revenues, will generate
between US$100,000 to US$150,000 each year.
The Company has now completed a financing, in the form of
restricted shares to complete the initial acquisition.
This project confirms the focus of the Company to engage in
businesses that provide significant cash flow opportunities and
established management.
CATHAYONLINE INC.
More information can be obtained about CathayOnline Inc. by
visiting wvfg.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--gaa/mi*
CONTACT: Worldvision Financial, Casselberry, Fla.
Orville Baldridge, 888/345-6060 or 407/834-8944
KEYWORD: NEW YORK
INDUSTRY KEYWORD: COMED COMPUTERS/ELECTRONICS
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