CURACAO, NETHERLANDS ANTILLES, Nov 3, 1999 (BUSINESS WIRE) --
CasinoBuilders.com (OTCBB: CSNO) announced the completion of its
planned Netherlands Antilles acquisitions, making the company the first
and only complete "turn-key" service provider in the industry.
Through the acquisition process, CasinoBuilders.com now licenses and
hosts over 30 Internet gaming sites, with permanent operations staff in
Curacao supporting gaming revenues in excess of $3.5 million, as well
as significant assets. With the acquisitions completed, the company
wishes to assure its shareholders that it expects to meet its fully
reporting compliance date. CasinoBuilders.com was formerly known as
Magic Lantern, with an SEC compliance date of February 1, 2000.
Conet Changes Name and Mission
Since 1994, Conet has been hosting Internet gaming sites. Now a
subsidiary of CasinoBuilders.com, Conet will broaden its mission to
provide offshore hosting and e-commerce services to the general
business market. Conet will operate under the new brand, "O-Hosting.com,
" an ISP with superior client service and the bandwidth to serve a
worldwide marketplace. Uniquely located on secured government property
at the foot of their earth station for satellite and fiber
communications facility, O-Hosting.com benefits by operating in a fully
redundant, climate controlled, UPS supported technology environment.
This exclusive arrangement enables 99.9% uptime, and because we do not
require landlines, we offer T-1 speed with the fastest failure-free
communications in the Caribbean. Current bandwidth utilization is only
7% of the reserved allocation, providing the Company the capacity
necessary to support their clients' strategic growth.
Global Licensing and Regulation
Cyberluck has been operating as the Netherlands Antilles government's
privatized licensing authority for approximately three years. The
licensing process is objective and available for all brands and types
of Internet gaming software, also for existing operations that would
like to transfer to a true government regulated operating environment.
"Our position is that regulation of the Internet gaming industry is
inevitable, so it is better to choose a legitimate licensing
jurisdiction, like Australia or the Netherlands Antilles, to protect
your business investment," said Anthony Peter McKenzie Dick, Curacao
General Manager. "CasinoBuilders.com, through its wholly owned
subsidiary Cyberluck Curacao, is the Internet gaming Master Licensor of
the Netherlands Antilles, and since 1995 we have been working with
international oversight organizations to guide criteria development, to
differentiate jurisdictions that issue Internet casino and sports book
licenses."
Dick continued: "Existing and prospective Internet gaming owners can
look to us to provide the 'compass' they need to lead to the correct
jurisdictional answer. The two most important discriminators will be
whether or not the jurisdiction has Internet gaming regulation laws
passed and implemented, and whether they presently regulate land-based
casinos with professionally trained staff. If the answer is no, as is
the case with many of the newer Caribbean jurisdictions, unfortunately
the mere issuance of a 'license' will be viewed merely as a revenue
mechanism for the jurisdiction without any true professional skills
that protect the public interest on a global basis. The mere mention of
'controls' in its laws will not be enough to satisfy global regulatory
scrutiny."
Global Cash Expands Role to E-Commerce
Operating in the past as an Internet merchant gateway for e-commerce
transactions to the Internet entertainment and gaming industry, Global
Cash will now expand its merchant services to support general
e-commerce businesses that choose to operate in an offshore
environment. The acquisition includes existing e-commerce client
accounts, with revenue growth forecasted to exceed $125,000,000
annually.
Management believes that this new acquisition enhances
CasinoBuilders.com's strategic presence in the marketplace. Some of
CasinoBuilders.com's competitors are Cryptologic (TSE: CRY.TO), Starnet
Communications International (OTCBB: SNMM), GLC Limited (NASDAQ: GLXW),
YouBet.com (NASDAQ: UBET) and GIC Global Entertainment (OTCBB: GGNC).
CasinoBuilders.com provides innovative services to the Internet
entertainment industry. The services are designed to provide client
segmented or turnkey solutions, and include e-commerce, licensing,
hosting, software, marketing, and operational support services in an
"off-shore" environment. Recognized for creativity and innovation, the
company is dedicated to "Helping Internet entrepreneurs turn their
visions into successful companies." For additional information about
our company, please visit our website www.casinobuilders.com, or call
our Investor Relations Department toll free at 1-877-638-2766.
Please note: Included in this press release are "forward-looking
statements" within the meaning of Section 27A of the Securities
Exchange Act of 1933, as amended, and section 21E of the Securities
Exchange Act of 1934, as amended. Although the company believes that
the expectations reflected in such forward-looking statements are
reasonable, it can give no assurances that such expectations reflected
in such forward-looking statements will prove to have been correct.
Copyright (C) 1999 Business Wire. All rights reserved.
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