To: Joe Copia who wrote (90387 ) 8/23/2001 10:32:38 PM From: SSP Read Replies (2) | Respond to of 150070 Your VQGI has news - VentureQuest Files 2nd Quarter 10-QSB VANCOUVER, B.C., Aug 23, 2001 (BUSINESS WIRE) -- VentureQuest Group, Inc., (formerly VentureTech, Inc.) a Nevada corporation, (VQGI on "Pink Sheets"), ("the Company or VentureQuest") announced that it has filed its 10-QSB with the Securities and Exchange Commission for the Company's second fiscal quarter ended June 30, 2001. The Company reported revenue from operations for the 2nd quarter of $96,150 and an operating loss of $185,467. For the six months ending June 30, 2001, revenue was $96,150 and the operating loss was 308,763. Net loss for the three and six month periods ending June 30, 2001 were $193,888 and $386,883 respectively. First quarter results were restated to defer the $337,246 gain on sale of the Company's gambling subsidiary, EuroAsian E-Casinos International, Inc. The gain will be recognized as the amount outstanding from the purchaser is received by the Company in the future. Comparative numbers for the similar periods in 2000 were not provided. The merger with Gamecasters, Inc., which occurred in the first quarter resulted in comparative numbers which would not be meaningful to an understanding of the Company's relative performance. "This was the first quarter in which operating revenue from our Cyberdome facility commenced", stated William Baker, President and Chief Financial Officer. "On May 1, 2001, the Company took over the complete operation of the facility and we intend to continue operating it as a profit center while utilizing it as a test site for our Cybertrak software", he added. "The Company is continuing to complete its filings and respond to all S.E.C. comments in order to regain its status as a NASDAQ OTC bulletin board company", stated Eric Hutchingame, Chairman and C.E.O. "The significant events that have occurred over the six month reporting period have made it necessary to make a considerable number of changes to the Form 10 SB filing. We expect to file another amendment very shortly", he added. Additional information including a letter to shareholders and financial statements for the second quarter are available on the Company's website at www.vqgi.com VentureQuest is engaged in the business of developing, acquiring, and consolidating emerging or underachieving transaction-based companies that provide recurring revenue. The above statements in regard to VentureQuest Group, Inc. and Gamecasters, Inc. which are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including VentureQuest Group Inc. and Gamecasters Inc.'s beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to the parties as of such date. It is important to note that actual outcomes and actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative, corporate, regulatory and marketplace changes. CONTACT: VentureQuest Group, Inc. Eric Hutchingame, 604/990-9889 ehutchingame@vqgi.com