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Non-Tech : Gambling, The Next Great Internet Industry -- Ignore unavailable to you. Want to Upgrade?

To: kidl who wrote (755)	12/5/2001 10:46:35 AM
From: Herc	Read Replies (1) \| Respond to of 827

And already close to 3 million shares traded today. I wonder if common shareholders always get screwed in Chapter 11? <<eLOT Receives U.S. Patent for Sales of State Lottery Tickets; Legislative Climate 'Favorable' According to CEO NORWALK, Conn., Dec 5, 2001 /PRNewswire via COMTEX/ -- eLOT, Inc. (OTC Bulletin Board: ELOT chart, msgs) announced today it has received a U.S. Patent for its system that facilitates Internet sales of state lottery tickets with a screening and a verification function on the Internet. Specifically, U. S. Patent No. 6,322,446 covers the eLOT system and method that 1) enables lottery players to receive player and ticket information, 2) screens and verifies that the lottery players satisfy state eligibility criteria, 3) stores player and ticket information, and 4) upon receipt of winning numbers from the state, determines winning tickets and notifies winning players. "We believe that the present legislative climate in Washington appears very favorable to exempting state lotteries from any prospective Internet gambling legislation. Therefore, when one combines our Internet technology with this new patent, we will be able to offer lotteries in the United States the best Web-based e-commerce solutions," said eLOT's President and CEO, Edwin McGuinn. eLOT, Inc. is a leading application service provider of Internet marketing and advertising technology for state and international lotteries. The company and its eLottery Inc. subsidiary filed for reorganization under Chapter 11 of the federal Bankruptcy Code on October 15, 2001, and hope to file a complete reorganization plan by the end of the calendar year. In addition, the company announced that the bankruptcy court has approved the transfer of the Network 60 business back to the original Network 60 management group in exchange for cash, the return of the 3,500,000 eLOT shares issued in the original acquisition and settlement of a dispute between the parties related to the acquisition.>>