PLYMOUTH MEETING, Pa., Dec. 6 /PRNewswire/ -- Interactive Gaming &
Communications Corporation (OTC Bulletin Board: SBET) (IGC) announced today
that it has exceeded 3rd quarter earnings projections as stated in an October
press release. This is now three straight quarters in a row for the company
since restructuring itself from what was solely an I-Gaming company to a group
of software development and Internet Technology Companies.
The company's consolidated operating income for the 3rd quarter was
$691,292.00 on revenues in excess of $2 million or about a 30% return on
revenues, $41,000 higher than previously projected. This translates to
approximately $.03 per share earnings on 23 million shares outstanding. Year
to date figures for the 9 months were $1.3 million operating income on
revenues of $9 million, and the year to date earnings were $.06 per share up
from the $.05 earnings per share previously projected.
The company's cash position has dramatically increased over the past
several months. This was due to the acquisition of Century Industries and the
subsequent sale of Scibal Associates and Gamblenet Technologies for $1.8m and
$2.5 million respectively in which $1.1 million in cash payments have been
received to reduce their notes to IGC in the 3rd quarter.
In November, the company successfully launched with Lycos (Nasdaq: LCOS) a
co-branded version of its PlayForFun casino. The co-branded
PlayForFun.Lycos.com site anticipates receiving in excess of 2 million users
per week, making the company's Live Action Gaming Platform the most widely
used real casino gaming software on the Internet. Both Lycos and IGC will
share in what has been projected to be substantial advertising revenues
generated from the site.
In the past two weeks since the announcement of the Lycos PlayForFun
casino, the company has received numerous inquiries from major search engines
and land-based casinos throughout the world to create and license a similar
PlayForFun casino site for their portals. The company is in contract
negotiations with two of these groups and when successfully completed these
sites, operated by IGC, have the potential to generate advertising revenue in
excess of $5,000,000 annually with little overhead and cost.
Due to the increased exposure from Lycos and other online portals, the
company anticipates the sale and licensing of its LiveAction Casino Gaming
Platform, which will soon include the ToteMaster and Turfcast online horse
wagering and video streaming system, to both online and land-based casinos to
dramatically increase over the coming months.
Currently, the company successfully operates 3 portal sites under the
names GambleNet.com, WhoWonWhere.com and the popular casino gaming
entertainment site PlayForFun.com. Revenue from the operation of these sites
is derived from the sale of banner ads in the same manner as Yahoo, Lycos and
other major search engines. Interest in these sites remains increasingly
strong and revenues are projected to exceed $2,000,000 for the year 2000.
The company has several major exciting proprietary products and co-branded
properties near completion or under development which will be rolled out and
announced over the next several weeks and months. It is anticipated that the
traffic at these Internet sites hosted by the company will dramatically
increase the company's revenues from advertising and sales.
Mike Simone, President and CEO of IGC said, "The future of IGC and its
position in the industry is looking exceedingly bright and I'm extremely
excited about our direction. We have now put ourselves in a good cash
position, have demonstrated 3 straight quarters of solid earnings, and we
anticipate the 4th quarter earnings to be equally as strong if not better.
The prospects for the year 2000 are looking even better. With everything
being equal while the company can look to exceed $10 million in revenue for
1999, we are shooting for in excess of $17 million or better than a 50%
increase in 2000. The addition of the Lycos PlayForFun site, along with
similar co-branded deals with other major search engines and casinos, as well
as the products we will begin marketing in the coming months, should ensure
the company sustained growth and income for the future. We are looking
forward to an exciting and profitable New Year and I think we are an Internet
company to watch in 2000."
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including, without limitation, continued acceptance of the
Company's products, increased levels of competition for the Company, new
products and technological changes, the Company's dependence upon third party
suppliers, intellectual property rights, and other risks detailed from time to
time in the Company's periodic reports filed with the Securities & Exchange
Commission.
PlayForFun, LiveAction, Gamblenet, ToteMaster, Turfcast, and Who Won
Where, are copyrights and trademarks of Interactive Gaming & Communications
Corp. Lycos and Yahoo! are copyrights and trademarks of their respective
owners.
SOURCE Interactive Gaming & Communications Corporation
-0- 12/06/1999
/CONTACT: George Marshall, Investor Relations of Interactive Gaming &
Communications, 610-941-0305, Ext. 21, or Fax, 610-941-4752, or
investorrelations@igccorp.com/
/Web site: gamblenet.com /
/Web site: whowonwhere.com /
/Web site: playforfun.com /
/Web site: playforfun.lycos.com /
/Web site: igccorp.com /
(SBET LCOS) |
