from tylcar's post on RB;
**********************************************************************By: tylcar
Reply To: None Tuesday, 18 May 1999 at 9:37 PM EDT
Post # of 1318
Stumbled onto this one...
From yesterday evening's Bridge News
- [B] CathayOnline gets OK from China to buy lottery kiosks; stk up 9% --
By Maura Rurak, Bridge News
New York--May 17-- CathayOnline Inc. received approval to purchase online lottery kiosks in China, which are regulated and sanctioned by the
government.
* * *
The company expects to close the deal in the "relatively near future," said Brian Ransom, a director of CathayOnline. Initially, the company plans to buy about 200 operational electronic lottery kiosks in Guanghou, a city with a population of about eight million. Overall, it
expects to own and operate 300 lottery kiosks by the end of the year, said Orville Baldridge, chief executive officer of World Vision Financial Group, an investor relations firm in Casselberry, Fla. Eventually, CathayOnline expects the kiosks to generate about $1.25 million in gross revenues, said Baldridge. But CathayOnline isn't only interested in lottery kiosks. Rather, the
company is focused on Internet acquisitions regardless of geographic location, said Baldridge.
"In general, the company is looking at any Internet acquisition which can provide positive cash flow in a short period of time," said Ransom.
CathayOnline currently is in negotiations to acquire an Internet service provider based in China, said Baldridge. CathayOnline, which trades on the over-the-counter bulletin board, opened today at 62 cents, down from Friday's
close of 68 cents. In trading today, CathayOnline's stock rose 9% to 75 cents a share, where it stayed until closing. While it is the company's policy not to comment on its stock price, Ransom said investors can see the positive steps the company is taking to implement its previously outlined strategies, which includes an acquisitions campaign.
CathayOnline has about 8.5 million outstanding shares.
CathayOnline is an Internet service provider and e-business firm based in
Vancouver, British Columbia.
More information can be obtained about CathayOnline Inc. by visiting
wvfg.com
For charts and historical stories on this company, double-click the
following
(BridgeStation and Telerate only):
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