To: Fli-by (1834 )
From: Val Ryjouk Thursday, Apr 22 1999 10:41AM ET
Reply # of 2432
Not for long, Fli :-) --- *** NEWS *** (Bussiness Wire)
eConnect Announces Agreement in Principle forAcquisitions of eSportsbet.com, 777WINS.com and Rogel Technologies fora Combined First Quarter Revenue of $500,000 and Net Profits of$100,000
April 22, 1999 10:22 AM
LAS VEGAS--(BUSINESS WIRE)--April 22, 1999--eConnect BETT is quickly moving to close the acquisitions of 777WINS.com, eSportsbet.com and Rogel Technologies.
"We are in the final phase of acquisition of these three companies, and will be moving to acquire a lottery, slots, bingo and racing company before September," stated an eConnect spokesperson.
eSportsbet.com will be an active Internet presence with funding from eConnect and expects to substantially increase second quarter earnings with the Web presence added to the existing over-the-phone operator services.
eSportsbet will also act as the Group Gate for PERFECT sports wagering (see www.hpos.com and click eConnect) and will be generating service fees from competitive sportsbooks who are receiving incoming PERFECT Sports wagers, which are routed by eGate, the transaction division of eConnect.
777WINS.com is in the process of increasing its band width and expects substantial second quarter earnings increase. 777WINS.com will also act as the Group Gate for PERFECT Internet casino pay-per-play wagers.
Rogel Technologies will provide PERFECT software for free distribution to gaming companies who wish to be paid on a pay-per-play basis by PERFECT wagers and will also provide the Portal for entry into the PERFECT marketplace by both consumers and merchants (see March 29 news release).
By these acquisitions, eConnect is establishing revenues and earnings and is laying the groundwork for being the leading company in the projected $200 billion-plus global PERFECT wagering marketplace.
eConnect is focused on acquiring a lottery, bingo, slots, and racing company by September and will also Pilot test the concept of Ante Up gaming whereby home consumers using TV cameras will be able to play with up to six long distance players and in effect send ATM card online debit cash or smart card cash to eConnect Ante Up who will hold the "pot" for the players who are gaming against each other. eConnect will deduct 10 percent of the pot as the service fee.
eConnect recognizes that this type of transaction may be first tested in a non-U.S. location, but well understands that as PERFECT devices begin to migrate into homes as bill payment equipment by ATM card or smart card, that human nature will soon push to use the same devices as gaming machines, which will lead to the projected global $200 billion PERFECT wagering marketplace by 2001.
These are forward-looking statements and should be regarded as such by the investment community.
Val
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