Friday May 28, 4:18 pm Eastern Time
Company Press Release
SOURCE: International Sports Wagering Inc.
International Sports Wagering Inc. Announces Strategic Repositioning of Company
LITTLE FALLS, N.J., May 28 /PRNewswire/ -- Management of International Sports Wagering Inc. (Nasdaq: ISWI - news) announced today that they are strategically repositioning the Company from being solely the provider of the in-casino SportXction(TM) play-by-play sports wagering game, into a Nevada state-wide sports wagering service. This service will offer the full range of traditional pre-game sports wagers, in addition to SportXction(TM), using a PC from any non-casino location in the state. It will be made available to players who have registered for this service, and have pre-funded a sports wagering account. As previously announced, the Company received approval from the Nevada Gaming Control Board to begin a live money trial of this enhanced version of its sports wagering system. It is currently the only system approved for a live money trial by Nevada Gaming Authorities that allows players to place such off-premises sports wagers from PC's in Nevada.
Mr. Bernard Albanese, President of ISWI, said, ''We are excited by the business opportunities which are before us. The combination of having unique technology, coupled with a head start in the Nevada approval process, puts us in a strong position to capture a significant portion of the remote site, that is non-casino based, sports wagering business. We are having discussions with several progressive sports books to jointly pursue this marketplace.''
The Company further announced that Sid Diamond, General Manager Nevada Operations, has resigned. His position will not be refilled due to the Company's change in direction. The Company's Nevada office will be managed by Mr. William Butler, who is presently responsible for the Company's computer and communications hub, which now becomes the center of the Company's activities in Nevada. Those functions, previously performed by Mr. Diamond which remain, will be assumed by existing personnel and new hires as appropriate.
This press release contains ''forward-looking statements'' made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Art of 1995 including but not limited to whether adaptation of the System for wagering via telephone or computer in Nevada, or for use in contests or in foreign countries will result in a marketable product; whether the System will receive final approval for its use by the Nevada Gaming Authorities, and whether competitive products will seek and obtain approval by the Nevada Gaming Authorities. Investors are cautioned that these statements involve risk and uncertainties. Additional risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission, including its Form 10-QSB for the quarter ended March 31, 1999 and its Form 10-KSB for the year ended September 30, 1998, and its Registration Statement relating to its initial public offering.
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