Downstream Announces the Acquisition of Q-Seven Systems, Inc.
PR Newswire, Tuesday, May 25, 1999 at 08:49
SALT LAKE CITY, May 25 /PRNewswire/ -- Downstream Incorporated
(BB: DWNS) is pleased to announce the acquisition of Q-Seven
Systems, Inc. The acquisition makes Downstream, via its wholly owned
subsidiary, Q-Seven Systems, Inc., the exclusive sales and licensing agent for
the Q-Seven User Management System. In the coming weeks, Downstream plans to
change its name to Q-Seven Systems, Inc. and to apply for a new trading
symbol. The Company anticipates its shares will be trading on the Frankfurt
Exchange in Germany in the coming months, as well as the OTC Bulletin Board in
the US. It also plans to commence an extensive international public relations
campaign.
The management of Q-Seven believes its new User Management Software is one
of the best software systems available for online gambling, adult
entertainment, other forms of e-commerce and secure online billing.
Management further believes its state of the art software will attract many
new licensees in the coming year, and that it will be able to announce several
new licensees in the near future.
According to Datamonitor (London) online gambling revenues will reach a
staggering $10 billion by the year 2002. Revenues for the average online
casino are currently $4-5 million annually. Online gambling profits dwarf
those of all other online services.
Q-Seven faces competition in the online gaming market from companies such
as Anchor Gaming Inc.; Trans World Gaming Group; Argosy Gaming Co.;
International Game Technology Inc.; Starnet Communications; Cybergames Inc.;
Global Games Corp.; Cryptologic Inc.; GLC Limited; and Playboy Enterprises in
the adult market.
The management of Downstream cautions readers not to place undue reliance
on "forward-looking statements," such as "plans to," "is expected to," etc.
which speak only as of the date made, when used in this press release, in
filings with the SEC, in other public or stockholder communications, or in
oral statements made with the approval of an authorized executive officer of
the Company. Such statements are based on certain assumptions and
expectations which may or may not actually occur and which involve various
risks and uncertainties.
SOURCE Downstream Incorporated
-0- 05/25/99
/CONTACT: Philipp Kriependorf of Q-Seven Systems, Inc.,
011-49-2173-330-3630/
Companies or Securities discussed in this article:
Symbol
Name
BB:DWNS
Downstream Inc |
