Atlantic International Entertainment, Ltd's (AIEE) Announces Sale Of 80% Of Subsidiary, Eminet Domain, For $2,500,000
PR Newswire - March 11, 1999 09:42
Company Plans To Distribute Dividend To Shareholders In Form Of Stock In Internet Service Provider As It Plans To Go Public In The Fourth Quarter 1999
BOCA RATON, Fla., March 11 /PRNewswire/ -- Atlantic International Entertainment, Ltd., IE Ltd (OTC Bulletin Board: AIEE) announced that it has entered into an agreement to sell its wholly owned subsidiary, Eminet Domain (d/b/a Atlantic Internet). The agreement calls for the sale of 80% of its interest in the company for $2,500,000 to Centerline Associates, Inc. Centerline will pay Atlantic in a combination of cash and Atlantic stock (500,000 shares of AIEE) that it currently owns. The closing date of the transaction is March 31, 1999.
Atlantic President & CEO, Richard Iamunno, stated, "In addition to the profits due on this transaction, the sale of Eminet Domain will leave the company totally focused only on the Interactive gaming market both in terms of resource allocation and product line. Furthermore, the company will announce a dividend in the form of stock to its current shareholders in the Internet Company. We envision as much as 75% of our 20% will be distributed to current shareholders. An announcement will be made prior to the closing date of March 31 with the specific's of the stock dividend portion of this transaction.
Centerline representatives stated, "It is our intention to continue with the strategy of providing bandwidth to the business community as well as targeting several strategic acquisitions. We also plan to take the company public in the fourth quarter 1999."
Atlantic International Entertainment, Ltd. develops and markets Internet and private network transaction based products, including global turn-key Internet Casino Extension for licensed casinos; webSports, an Internet sports wagering system; Lottery Systems for private, government and fund raising purposes; and Bingo, for charity and private organization use. Internet- related products and services, including sales of handheld wireless computers and e-Commerce, are provided by Atlantic Internet.
This press release contains potential forward-looking statements regarding the Company. The future performance of the Company involves risks and uncertainties that could cause actual results to differ materially. Such risks include competition and pricing pressures, dependence on telecommunications carriers, management of growth, customer turnover, technological change, governmental regulation, unauthorized use of technology, system failures and a variety of stock market-related risks. For a more complete description of certain such risks and uncertainties, we refer you to the documents that the Company files from time to time with the Securities and Exchange Commission including 10K filed May 26, 1998 and form 10Q filed November 16,1998.
SOURCE Atlantic International Entertainment, Ltd.
/CONTACT: Richard Iamunno, President & CEO of Atlantic International
Entertainment, Ltd., 561-393-6685, or fax, 561-393-1485; or Investor
Relations, Ira W. Miller or Larry Fortune both of I.W. Miller Group, Inc.,
949-833-9001/
/Web site: aieltd.com
(AIEE)
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