New On-Line Sports Book and Casino - First Quarter Cyberbetz Revenues Projected at U.S. $3 Million
Business Wire - August 31, 1998 11:38
%GIC-GLOBAL-INTERTAINMENT GGNC %NEVADA %ENTERTAINMENT %INTERACTIVE %MULTIMEDIA %INTERNET V%BW P%BW
LAS VEGAS--(BUSINESS WIRE)--Aug. 31, 1998--GIC Global Intertainment Corporation, (United States OTC BB:GGNC), a high technology entertainment and marketing company that specializes in Internet related technologies, announced today that the Grand Opening for its first Internet Sports Book and Casino will be held on September 1, 1998, at 8:08 p.m. Pacific Standard Time at www.cyberbetz.com.
The Company began trading on February 26th, 1998, and currently has 4.5 million shares issued and outstanding of which 78% are restricted. The Company began its promotional strategy on August 1st, 1998, and since then, the average trading volume has risen to 30,000 shares per day, with the highest trading volume of 105,000 shares traded on August 27th, 1998.
GIC's Internet Casino and Sports Book operation, located in Rouseau in the Commonwealth of Dominica, is 100% legally licensed by the Government of Dominica in the Caribbean. The Company currently employs a staff of 25 people that have been trained by individuals in the Casino and Sports Book industries that have over 30 years of experience in these respective fields.
The Cyberbetz site will feature "The Ultimate Gamblers Guide," which will give amateur gamblers an overview of the rules and regulations of the most commonly played casino games. Players will have the opportunity to play for fun, or, play for real money by downloading the Cyberbetz casino software that will give them access to a wide variety of Virtual Casino Games. These games will include: Black Jack, Jacks or Better, Slots, Roulette, Cyberstud Poker, Baccarat, Craps, Pai Gow, Sic Bo, Keno and High Speed Bingo.
The Cyberbetz On-line Sports Book will allow gamblers to place bets on amateur and professional Football, Basketball, Baseball, Hockey, Soccer, Boxing, Motor Car Racing, Horse Racing and Dog Racing. The Cyberbetz site will also feature 5 areas dedicated to banner advertisements, which will be used for cross-promotions and to generate revenues for the Company.
Starting the month of September 1998, the Company will be entering into an aggressive advertising campaign in numerous well-known publications around the world. These publications will include; The Sing Tao Newspaper and the Hong Kong Daily News, in Hong Kong, Investors Business Daily, Smart Money Magazine, Chance Magazine, Casino Player, Buzz Daily's Player's Guide and The Gambler Magazine, all multi-nationally distributed publications. In addition, the Company has received feature editorial coverage in Canada, in The Vancouver Sun and The Vancouver Province newspapers during the month of August 1998.
During the months of October, November and December, Cyberbetz will be featured on the cover of Casino Games Magazine as the feature story on Sports Betting.
The Company has already received an influx of inquiries and has begun to open up customer accounts with Cyberbetz by way of its toll-free number in Dominica at 1-888-268-1888. Based upon the number of Cyberbetz accounts being set-up on a daily basis, GIC estimates their first quarter Cyberbetz revenues to exceed U.S. $3 million.
GIC intends to focus its marketing efforts on the global gaming market primarily in Asia (China, Hong Kong, Taiwan, Japan, Korea, Malaysia and Australia) and Europe.
The Company is in the process of finalizing the acquisition of a second Internet Sports Book and Casino that is currently established, operating for over three years, and profitable with over U.S. $30 million in revenues.
According to a study conducted by Nielsen Media Research, the number of North Americans surfing the Internet as of August 1998 has surged to 79 million, an increase of 21 million adult Internet users, up from 58 million users in September of 1997.
Interest in the Internet gaming industry worldwide is extremely high, as evidenced by the enormous activity from potential players already playing "for fun" at various international gaming web sites. A recent survey of Internet users worldwide indicates that 31% of Internet users have some interest in placing wagers via the Internet. Demographic data indicates a higher level of interest in Internet gaming versus traditional gaming.
GIC will seek to establish market prominence by way of mergers and acquisitions of Internet related companies that are already positioned in the market place. The Company will separate itself from its competitors by issuing its own Cyberbetz Visa and Mastercard allowing customers to be paid their winnings directly to their credit card account with no delay.
The statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor created by these sections. Actual results may differ materially from GIC's expectations.
CONTACT: GIC Global Intertainment
Investor Relations
Chris Sargent, Toll free 1-877-442-9467
or
S&S Public Relations
Wendy Filinson, 847/291-1616, ext. 282
filinson@sspr.com
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