Here's the news release on it Jing, if you didn't get a chance to read it. I know it's a letter of intent, but that's how most deals get started.
Business Wire - September 24, 1998 15:22
LAS VEGAS--(BUSINESS WIRE)--Sept. 24, 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 it has
signed a letter of intent with the Chinese Government, Heibei Province, Foreign Trade and Economic Department subsidiary. The
agreement calls for GIC to open up the first ever destination resort casino on a nine acres peninsula directly adjacent to Dragon Lake, a
renowned tourist area in Heibei Province in Northern China. Dragon Lake is approximately 14 square miles.
The resort is now fully built and only requires minor surface finishing and interior renovations. The constructed building areas total
180,000 square feet of usable space. When completed, it will house a world class hotel and casino operation with full convention
facilities, restaurants, lounges, a night club, a fitness center including a sauna, a steam room, a beauty spa for women and an existing
10,000 square foot swimming pool that is currently open to the public.
The current site located on the peninsula has room to incorporate a shopping center either surrounding, or beside the casino (Las Vegas
style), a family entertainment complex with state of the art virtual reality electronic equipment, and a motion ride theater complex.
The resort casino will be promoted as a tourist destination point. The casino section of the property will only be open to tourists and
individuals carrying foreign passports and all gambling transactions in the resort casino will be conducted in U.S. currency.
The casino will feature an oversized viewing screen and will project horse racing events live from the top 10 horse racing tracks, ( e.g.
Hong Kong Jockey Club, Macao) and other sporting events (such as soccer and football) in the world for the purposes of sports
betting.
The resort is centrally located between 3 major cities, Beijing, Tianjin, and Shanghai, 3 major existing tourist destination points, each
populated with more than 20 million people. The resort is easily accessible from each of these cities via one or more major highways.
The area of land around the lake has room for ongoing expansion. According to the agreement, GIC has the right of first refusal for all
future expansions on this land. This will include additional hotel and convention space, additional casino operations, a world class horse
race track, similar to the Hong Kong Jockey Club (daily revenues of U.S. $200 million ) and an 18 hole golf course. Since the resort is
located directly adjacent to a lake, a full array of water sports, including water skiing, para-sailing, jet ski rentals, paddle boat rentals
and canoe rentals will be made available to the resort patrons. The lake will also house a casino riverboat, managed by GIC, for
gambling and dining entertainment for the resort casino.
The letter of intent for the joint venture agreement calls for all of the existing building structures and land to be provided to GIC at no
cost. GIC will be responsible for completing the renovations required to open up the resort/casino, in addition to providing all
equipment, casino tables, slots, video poker machines, computer terminals for on-line virtual casino gambling, staff and management
required to make the resort fully operational. For this, GIC will hold the majority position on the resort/casino and will have the option
to purchase the entire resort at a later date. The agreement also allows GIC to manage on-line lotteries and raffles in the local areas
surrounding the resort in the Heibei Province.
GIC has already received expressed interest from major casino management companies in Las Vegas and major tourist marketing
companies to participate in this project via joint venture agreements. These parties are interested in helping to raise the awareness of this
location and market the resort on an international scale.
The Government of Heibei Province, is interested in turning this area around Dragon Lake into a special economic zone that will be a
destination point to attract tourism and economic expansion, and will be designed to replicate Hong Kong on a miniature scale.
James Chu, president and CEO of GIC stated "This letter of intent is consistent with the company's objective of broadening and
diversifying the company's market base in the global gaming industries. We believe that this joint venture will compliment our company's
current corporate focus of promoting and marketing our Internet Sports Book and Casino at www.cyberbetz.com in Asia and should
contribute significantly to the company's future revenues."
FACTS ON CHINA, RELATED TO THE GAMING MARKET
China is currently populated with over 1.2 billion people. Gambling is one of Asia's most popular past times. In discussion with Casino
Operators in Las Vegas, approximately 40% of casino revenues are obtained from Asian customers. Of the estimated 500 high rollers
in the world (individuals who bet more than $1 million at a time ) approximately 80% of these people are Asian.
GIC Global Intertainment Corporation. is a high technology entertainment and marketing company that searches for proven state of the
art technologies that are directly linked to the Internet, specifically in the area of Internet gaming. The Company will separate itself from
its competition by issuing its own Cyberbetz Visa and Mastercard to all new clients that open up accounts with the company. This will
allow GIC to pay their client's winnings directly to their Cyberbetz Visa or Mastercard 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 Exchange Act of 1934 and are subject to the safe harbor created by these sections. Actual results mat
differ materially from GIC's expectations
GIC Global Intertainment Corporation 885 West Georgia Street, Vancouver, B.C. V6C 3E8 Contact: Chris Sargent
Ir@ggncwins.com www.ggncwins.com Toll Free : 1-877-GIC-WINS Phone: 604-688-6888 Fax: 604-688-9382
CONTACT: GIC Global Intertainment Corporation
Chris Sargent
Toll Free : 1-877-GIC-WINS
Phone: 604/688-6888
Fax: 604/688-9382
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