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Non-Tech : SBET : LAS VEGAS at home -- Ignore unavailable to you. Want to Upgrade?

To: HairBall who wrote (201)	12/11/1999 10:55:00 AM
From: LORD ERNIE	Read Replies (1) \| Respond to of 205

For the visitors who didn't see the news: INTERACTIVE GAMING & COMMUNICATIONS CORPORATION EXCEEDS PROJECTED EARNINGS PLYMOUTH MEETING, Pa., Dec 6, 1999 /PRNewswire via COMTEX/ -- 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.