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Non-Tech : Virtual Gaming Technologies, Inc. (VGTI) -- Ignore unavailable to you. Want to Upgrade?

To: vibaby who wrote (171)	11/1/1999 11:35:00 AM
From: THOMAS GOODRICH	Read Replies (1) \| Respond to of 179

Virtgame.com Selected as Argentina Online Lottery Provider Virtgame.com Selected as Exclusive Provider of Internet Technology For Online Provincial Lotteries in Argentina Virtgame is First Company to Provide Government Licensed and Sponsored Internet Gaming Products in South America SAN DIEGO, Nov. 1 /PRNewswire/ -- Virtgame.com (OTC Bulletin Board: VGTI - news), a leading provider of Internet enabling technology to the gaming industry, announced today that it has entered into a binding agreement to be the exclusive provider of technology for Internet lotteries and other games-of-chance for the Province of Chaco in Argentina. The Province's agreement with Virtgame.com represents the first initiative taken by state regulators in Argentina to regulate, develop, and distribute government endorsed gaming products on the Internet. Virtgame.com will use the soon to be released 4.0 platform, integrating the latest technologies from Microsoft, Sun Microsystems Java, Macromedia Shockwave and MP3 Streaming Technologies. The new version will be embedded in web browsers Microsoft Explorer and Netscape Navigator, and will not require any user download. ''We are excited about the opportunity to enter the growing online gaming market in Argentina and the rest of South America,'' said Joseph Paravia, President and CEO of Virtgame.com. ''We look forward to working closely with state regulators in Argentina, leveraging Virtgame's years of experience and understanding of the market, as well as our innovative and user-friendly technology. We believe this is a tremendous opportunity to use our technology to distribute traditional lottery games and games-of-chance on the Internet,'' Mr. Paravia continued, ''This agreement represents a significant step forward in our international strategy of capitalizing on the expected dramatic growth in Internet usage in Latin America. With Internet penetration levels similar to those witnessed in the US three years ago, we believe there is a great opportunity to expand our presence and capture the leadership in online gaming and related products.'' Virtgame.com is in negotiation with several additional Provincial Gaming Commissions in Argentina. According to lottery regulators in Argentina, state lotteries and games-of-chance generate $2.2 billion in sales a year in their country. In the Province of Chaco alone, automated lotteries generate an estimated $178 million dollars in sales. ''The increasing popularity and usage of the Internet in Argentina makes offering our lotteries and games-of-chance online a natural outgrowth of our existing business,'' said Mr. Migel Jorge Stipisic, Marketing Director of the State Lottery Commission for the Province of Chaco, Argentina. ''Virtgame.com was selected by regulators in the Province of Chaco based on their highly advanced and secure Internet gaming and lottery technology, as well as for their user-friendly multi-lingual applications. Working with Virtgame puts us at the forefront of Internet gaming technology allowing us to broaden our distribution channels and increase our access to new and existing customers.'' According to statistics compiled by International Data Corporation (IDC), there are between 10 and 11 million Internet users in Latin America of that an estimated 2.2 million people are online in Argentina. ''We think there is a tremendous growth potential and opportunity for traditional lottery and gaming brands to include an e-commerce distribution channel in Argentina and the entire Latin American region,'' said Nour-Dean Anakar, Executive Vice President, Virtgame International, the international division of Virtgame.com. About Virtgame.com Virtgame.Com Corp., San Diego, Calif., is a provider of Internet enabling technology to the gaming industry and though its subsidiary Virtual Gaming Technologies (Antigua) Ltd., offers on-line casino-style gaming and international sports wagering exclusively for non-U.S. residents. This news release contains forms of forward-looking statements that are based on the Company's beliefs as well as assumptions made by information currently available to the Company. When used in this news release the words ''believe,'' ''expect,'' ''anticipate,'' ''estimate,'' ''intend,'' and similar expressions are intended to identify forward looking statements. Such statements are subject to certain risks, uncertainties, and assumptions, which are identified in the Company's Annual Report on Form 10-KSB filed with the Securities and Exchange Commission and subsequently filed SEC reports. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results will vary materially from those anticipated, estimated or projected and the variations may be material. SOURCE: Virtgame.Com Corp.