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Microcap & Penny Stocks : GLOW - Global Games, Inc. - Great Profit Potential ! -- Ignore unavailable to you. Want to Upgrade?

To: David A. Irvine who wrote (6237)	8/11/1998 2:37:00 PM
From: SIGWEST	Read Replies (5) \| Respond to of 8879

To All- Just got this E-Mail from Steve McCabe, Webmaster for the page that posts the INDEPENDENT (Dominica's news paper )on the Web ... Very, very interesting ... This article will be published in tomorrow's edition and on the Web Friday. Unfortunately Bob Davis and T.G.W. will have a field day with this one... Doug Long ***************************************************************** *************************************************************** E-MAIL FROM STEVE MC CABE *************************************************************** *************************************************************** Hi Here's the latest view from here - tomorrow's Independent back page... CASINO OFFER OFF...But international business companies involved in internet gaming make Government an offer it can't refuse Cabinet has rejected a Global Games Corporation proposal to build the country's own internet gaming casino, Finance Minister Julius Timothy told The Independent last week. Nevertheless, Government is expected to received about US$9 million (EC$24.4 million) per year for the next five years or ten percent of the projected pre-tax profit from an agreement with the United States based company. In its July 29, 1998 issue, The Independent's lead story stated that Mr. Timothy had strongly denied a July 7, 1998 Business Wire report indicating that Global Games Corporation and Dominica had signed "a letter of acceptance to design and build a full virtual casino to be owned by the Government of Dominica". Mr. Timothy said then that he had received a proposal from Global Games which he had yet to take to Cabinet for its approval. Since the publication of The Independent's story there is a growing controversy in the United States especially among Global Games investors about the origin, purpose and/or accuracy of the report of July 7, 1998. To add to the intrigue, Global Games announced on July 30, 1998 that it "has signed a software licence agreement with Island Sports Book and Casino, Commonwealth of Dominica. This agreement calls for the Commonwealth of Dominica to receive approximately $9,000,000.00 per year." The report said Island Sport Book and Casino is operating in conjunction with Internet Gaming Corporation of Dominica with which Global Games already had a licencing agreement. Information obtained from the Dominica Registry indicate that Internet Gaming Corporation was registered as an International Business Company (IBC) on August 6, 1998. Island Sports and Casino Ltd. was registered as an IBC one week earlier, on 31st. July, 1998. Both IBC's state that their "registered agent is International Management and Trust Services Inc., 42 Kennedy Avenue, Roseau, Dominica. According to Chief Executive Officer and President of Global Games Corporation, Mr. Gary L. Borglund, United States citizens, whom he would not name, are investors in the two recently registered IBC's. But Minister Timothy told The Independent that Mr. Borglund owns the IBC's. When asked about the reasons behind Global Games offer of US$9 million, Mr. Timothy said "Government is allowed the normal 5% in licence fees but they have decided to be good corporate citizens and give 10% instead." On that issue, Mr. Borglund told The Independent: "When I met with Julius I asked him what he would do if he received a percentage of the revenues from a Casino and he told me the monies generated from Island Sports Book and Casino will be used to improve hospitals, airport extension and other community projects on the island of Dominica". The Global Games CEO said he understands Dominica's hesitancy to enter into the original contract for the Government's full ownership of the virtual casino which would have made Dominica the first country in the world to own such a facility. A source familiar with the negotiations between Government and the company said the Cabinet's decision to turn down the Global Games offer was that "government does not want to clash with the Clinton Administration who would soon be passing legislation to prohibit internet gaming in the United States. In fact, it is already illegal in the United States." *******************End of Article***************************** Regards, Steve McCabe Delphis Ltd. webmaster@delphis.dm delphis.dm Tel 1.767.449.9632 Fax 1.767.449.9642