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Gold/Mining/Energy : Int'l Thunderbird Gaming (INB) -- Ignore unavailable to you. Want to Upgrade?

To: Ciao who wrote (503)	11/7/1998 9:11:00 PM
From: R. Gracie	Read Replies (1) \| Respond to of 603

Ciao, Here's a paragraph that I snipped from the Sept. 30 news release.... The Company recently sold and assigned all of its rights in its California based Revenue Share Agreements with the various Tribes to Support Consultants, Inc., a California corporation ("SCI"), in furtherance of its commitment to honor the mandate set by the U.S. Attorneys in California. The assignment included transfer of the Company's rights to revenue from the revenue share arrangements with the various tribes as well as assignment of loans. Title to the machines was not transferred to SCI. In consideration for the assignment to SCI, the Company accepted a note payable in the amount of USD$4,500,000 to be paid in installments over three years, contingent upon SCI's success in collecting such sums from the various Tribes. The amount of consideration was based upon numerous factors, including the present value of the revenue stream, the assumption of all support and maintenance obligations by SCI, and the likelihood that any revenue and loans will be collected by SCI. Depending upon whether a favorable settlement is reached with the non-compacted tribes and the state government, the Company may receive a partial recovery on its California contracts. On November 3, 1998, the voters in California will decide whether to approve Proposition 5, the California Gaming Initiative. The initiative sets up a battle between the pro-Indian gaming constituents and the opposition, which is composed of various interests against Indian gaming in California. If a majority of the voters vote "yes" on the initiative, then the various Tribes will be able to continue to conduct gaming in the form that exists today--that is, the gaming machines that Governor Wilson has been attempting to outlaw will be legal. Furthermore, in that event, the Company will likely recover revenue from the SCI transaction described above. Here's a comment about INB's future plans in California from their Nov. 6/98 news release...... We anticipate providing consulting and other services to tribal casinos in California after compacting occurs. I hope this clears up a few things.