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Internet Company, GGNC, Signs Letter Of Intent To Purchase Second Offshore Internet Sports Book And On-Line Casino With Yearly Wagering Revenues Of U.S. $100 Million
BusinessWire, Tuesday, December 01, 1998 at 09:49
LAS VEGAS--(BUSINESS WIRE)--Dec. 1, 1998--GIC Global
Intertainment Corporation, (OTC BB:GGNC) a high technology Internet
Company that markets an on-line sports book and casino at
www.cyberbetz.com, announced today that they have signed a letter of
intent with a Private Company to purchase a second Offshore, Internet
Sports Book and On-line Casino with wagering revenues of U.S. $100
million per year. The Private Company has been in business for over 3
years and currently has over 2,000 wagering clients.
James Chu, president and CEO stated, "The response from our first
on-line sports book and casino, Cyberbetz, has been overwhelming. The
traffic to Cyberbetz has doubled every month since our grand opening
on Sept. 1, 1998. With the introduction of our interactive on-line
sports book, last week, the traffic doubled again. Internet Sports
Books and Casinos are in very high demand right now. Once the
infrastructure is in place for a casino it can become profitable
within 3 to 4 months. Now that the infrastructure for Cyberbetz is in
place, GGNC will now be bringing on-line theme casinos. This is a
concept that was perfected in Las Vegas. Gamblers like to have
variety. A gambler that goes to Las Vegas may visit 3 to 4 casinos in
one night. This is the same formula that GGNC will use to capture a
larger percentage of the Internet Gaming market. Cyberbetz is our
flagship casino. It is a "generic casino" with no theme, but it has
already won two awards and is highly successful.
"Now GGNC will be opening up a number of on-line theme casinos
that will be targeted towards various different demographic groups.
Each casino will carry a different theme, similar to Las Vegas. Each
on-line theme casino will use exciting theme logos and theme graphics
to accentuate each chosen theme. Some of the possibilities include an
International World Travel theme, a 1950's theme, an Old Classic Car
theme, an Egyptian theme, etc. Each of these casinos can be operated
under the same license and existing Cyberbetz infrastructure. Since
the Cyberbetz infrastructure is already established, the expense of
adding additional theme casinos will be minimal. The revenues and
profitability for GGNC on the other hand will increase dramatically.
The possibilities using this theme casino concept are very exciting."
It is estimated that approximately $88 billion of wagering is
currently taking place in the untapped North American gaming market.
Internet sports books, Internet casinos and gaming stocks related to
either of them, are now poised for explosive growth. Industry analysts
predict changing gambling behaviors. As more and more traditional
gamblers become familiar and comfortable with the Internet, their
traditional gambling habits will convert from Las Vegas style gambling
to Internet gambling.
On Nov. 24, 1998, GGNC was listed on the "Hot Subjects" page of
the Silicon Investor at www.techstocks.com.
On Nov. 26, 1998, James Chu was interviewed by TSN Sports Network
for a feature on Internet gaming and sports book betting. The
Cyberbetz on-line sports book and casino will be featured on this
nationally broadcast television station which is expected to air in
early December 1998.
On Nov. 30, 1998, GGNC revised its first year wagering
projections for its Cyberbetz Sports Book and Casino to U.S. $75
million with gross profits of U.S. $11.2 million.
The Wall Street Research Group, a company that features
undervalued stocks in emerging growth markets, has now listed GGNC as
a recommended buy.
Michael, A. Furr, president of Wall Street Research Group stated,
"GGNC is tremendously undervalued, especially when you consider the
huge gains and astronomical P/E ratios given to other Internet related
stocks. EBAY for example moved from $25 1/4 to $234 within 3 months,
BAMM moved from $2 1/4 to $40 within 30 days, AMZN moved from $24 1/4
to $233 within 12 months. The fact is that GGNC is an Internet stock,
just like EBAY, BAMM and AMZN. These Stocks and Stocks like them are
highly susceptible to radical movements in price. GGNC is expected to
make a profit this year in a proven Industry like gaming. Internet
gaming is becoming more and more commonplace as traditional gamblers
around the world and the U.S. (currently estimated at 200 million
worldwide and 25 million in the U.S.) go online like everyone else. We
see Internet gaming stocks as being the next "Hot Sector" to be in. We
are bullish about this sector and are aggressively seeking out
companies like GGNC with the potential to take advantage of this fast
developing industry, while they, and this industry, are still in their
embryonic stages. This sector is where the next Microsoft, E-Bay or
Amazon is likely to be found."
For additional information, see Wall Street Research Group's
"recommended buy" listing at www.superstocks.net/gicglobal or call
800/943-2298.
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 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 Corporation
Chris Sargent, 877/GIC-WINS
Ir@ggncwins.com
KEYWORD: NEVADA
INDUSTRY KEYWORD: ENTERTAINMENT SPORTS
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