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Non-Tech : Starnet(SNMM)-"The Microsoft of Internet Gaming Softwar -- Ignore unavailable to you. Want to Upgrade?


To: Roofman who wrote (21)3/15/1999 8:47:00 PM
From: THOMAS GOODRICH  Read Replies (1) | Respond to of 40
 
Roofman,

Whoa! Hold it! Sovereign Indian Nations can do a lot of things, however, breaking federal laws would not be one of those. Should prohibition occur in the Unites States, they may in fact have to go offshore because I-gaming may not be a federal law they can simply just opt out of. The waters have already been tested in a couple of states. BTW, you're not a red man are you?<g> (Just checking!)

TG

P.S. As an interesting footnote to the conference call Mr. Dohlen mentions the possibility of moving the corporate charter from Delaware to a place less taxing. State of Delaware franchise tax caps out at $150,000 annually and that is what Microsoft pays! Could it be that Mr. Dohlen is even more fiscally austere than we all thought?




To: Roofman who wrote (21)3/15/1999 10:11:00 PM
From: Doug (Htfd,CT)  Read Replies (1) | Respond to of 40
 
The tribe's casino holding company is offshore and bars bets from Canada, where the tribe is from, according to the Press Release. They are operating consistently with the legal plan already used by other SNMM licensees. Not even pushing the envelope. Just working the business model.

Quoting:
"WILMINGTON, Del.--(BUSINESS WIRE)--March 15, 1999--Starnet Communications International Inc. (OTC BB: SNMM) (''Starnet'') is pleased to announce that its wholly owned subsidiary, Softec Systems Caribbean Inc. (''Softec'') has licensed its turn-key Internet gaming technology to Axxis Investments Inc. (''Axxis''), a private corporation domiciled in St. Johns, Antigua.

Axxis is a wholly owned corporation of the Ochapowace Band, a sovereign First Nation located near Whitewood, Saskatchewan, Canada. The Ochapowace Band is one of the most advanced members of the Assembly of First Nations, with over 1,100 citizens and 14 businesses under its control, including a ski resort, hotel and gravel operations, and a financial corporation.

Axxis will be supplied with a customized, full-service Internet gaming system, including virtual Casino games, a Sportsbook with real-time odds feed from Las Vegas and Europe, and simulcast horse and dog racing (no wagers taken at this time). The licensees' customers will be able to place wagers via a secure online financial transaction system.

The Internet gaming technology is licensed through Starnet's wholly owned subsidiary, Softec Systems Caribbean Inc. The web site where Axxis will implement the Softec system will be announced closer to the launch of their operation. Axxis is contractually obligated to decline online wagers from persons residing in Canada.

Mark Dohlen, CEO of Starnet commented, ''We are very excited about our venture with Axxis. To our knowledge, this pioneering First Nation is the first Canadian Aboriginal organization to enter the Internet gaming market on a global basis.''"
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