TTLN..sign internet gaming letter of intent for ASIA...the hot topic these days...it's up already..but who knows...maybe be good for a little momo..
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MARCH 16, 1999
Total Entertainment and IGF Enter Major Asian Alliance
RED BANK, NEW JERSEY and MONTREAL, QUEBEC--Total Entertainment Inc. (OTC
BB: TTLN) announced today that it has entered into a Letter of Intent with Independent
Growth Finders Inc. (V:IGF), to form "DRAGONGAMING.COM", a corporation that will
serve the Asia Pacific Online Gaming and E-Commerce Industry.
IGF will act as TTLN's exclusive Asia Pacific partner and Finance Manager in order to
expand TTLN's online gaming, entertainment, and electronic commerce businesses into
the Asia Pacific region. In DRAGONGAMING.COM, IGF through its infrastructure, has the
capacity to raise up to the Fifty Million Dollars (US$50,000,000) that may be required to
fully implement the joint venture in all its gaming and electronic commerce ramifications.
IGF will providesupport in the form of state-of-the-art products and services, legal,
regulatory and financial counsel, international networking,and intellectual technology in
on-line entertainment, gaming, sports booking, secured credit and related electronic
commerce.
IGF and TTLN have developed a proprietary plan to deliver an unprecedented number of
customers and hits to this new website. Mitchell Brown, President of TTLN, stated that
"DRAGONGAMING.COM will allow us to enter the Asia Pacific market with a highly
experienced and prominently connected management team; people thatknow the Asian
market and understand all of the requirements necessary to make this venture
successful."
Mr. Brown emphasized that the size and complexity of the venture should not be
discounted simply as the creation of a website. Mr. Brown recognizes that, "it would be
difficult for Total Entertainment to penetrate the Asia Pacific market without an Asian
partner - IGF's marketing and resource infrastructure will be able to put us into markets
unattainable by most other North American website operators."
As he explained, "In this region, most often the earliest entry with the strongest local ties
will become the industry leader." Mr. Brown feels that "this deal can lead to a major
breakthrough in the online gaming industry. With DRAGONGAMING.COM, Total
Entertainment is set to become the hub of all gaming and betting activity in Asia." The
Principals of IGF are similarly using this new alliance as a vehicle to penetrate the North
American market.
IGF is directed by John Stuart Elder, Q.C., Chairman, William H. Woo, L.L.B., President,
Michael Lai, Executive Vice-President and CEO-Asia, and Daniel Shu Yin Bong, Advisor
to the Board of Directors. It is the formidable network and power of these individuals that
will be the driving force behind the alliance. Mr. Elder is one of Canada's leading
corporate attorneys and is Deputy Chairman of the Canadian law firm, Fraser Milner. Mr.
Elderis Chairman of the Pacific Rim Advisory Council, an alliance of international law
firms with interests in the Pacific Rim, and is also Director or Corporate Secretary of
several public and privatecorporations including Onex Corporation, Cogeco Cable Inc.,
Place Resources Corp., Central Fund of Canada, and Iriana Resources Corp.
Mr. William Woo is an attorney specializing in mergers and acquisitions and corporate
law in Canada, Hong Kong, and United Kingdom. Mr. Woo is a native of Hong Kong and
has an established business and family network in the Pacific Rim, including Taiwan,
People's Republic of China, Malaysia, Singapore, Philippines, and Indonesia. Mr. Woo
is Executive Director of Regal Hotels International Holdings Ltd., an international
manager and owner ofhotels with extensive interests in the Hong Kong, Shanghai, and
United States (including the Renaissance Plaza in Los Angeles, Knickerbocker in
Chicago, Bostonian in Boston and United Nations Plaza Hotel in New York).
Daniel Shu Yin Bong will be appointed the Deputy Chairman at IGF'supcoming annual
meeting. Mr. Bong is a qualified architect, with broad experience in property
development, corporate management andbusiness start-ups. Mr. Bong is currently
Deputy Chairman of RegalHotels International Holdings Ltd. and has been instrumental
for its international expansion over the past decade. He has a strong family and
corporate network in both Asia and North America.
Mr. Michael Lai was Vice-President-Asia for the U.S. corporation Waste Management
Group prior to joining IGF. Waste Management Group is one of the world's leading waste
management and environmental services companies in the world. At WMI he
increasedits Asia-Pacific operations from a development office to an annualrevenue
base of US$200 million in six years. A native of Taiwan, Mr. Lai received his university
education in the United States, after which he held a number of executive positions in
multinational corporations, including Kraft General Foods (Oscar-Meyer Division),
Champion International, and was the Asian Managing Partner of Dames and Moore.
Mr. Lai stated that "IGF will provide the infrastructure and reachsuch that Total
Entertainment can get right to the street level ofdowntown Asia so people can plug in
from virtually anywhere. This is what will differentiate DRAGONGAMING.COM from every
other website venture." Mr. Lai added, "this is a historical precedent that only could occur
in Asia, where the website concept has not developed parallel to that of North America or
Europe."
IGF currently holds offices in Singapore, Hong Kong, Taiwan, Vancouver, and Toronto,
and will open more offices as necessary. Their immediate aim is to target the Chinese
and Japanese speakingsocieties, who are flourishing internet users and avid players.
From the executive office to the local bookmaker, the multi-billion dollar markets in Hong
Kong, Taiwan, Japan, Philippines, Singapore, People's Republic of China, Malaysia,
South Korea, Indonesia, and even Thailand, will all be accessible within the scope of the
plan. The anticipated returns to both TTLNand IGF are expected to be substantial.
Estimated Internet use in the Asia Pacific Region has exceeded thirty million
(30,000,000) users in 1998, and growing exponentially by over three hundred percent
(300 percent) per year. Furthermore, total gambling turnover statistics for Asia arethe
highest in the world, surpassing six hundred billion dollars (US$600 billion) in 1997.
Leisure and gambling research analysts have predicted that online gaming in Asia will
become a US$10 billion market ($25 billion worldwide) by the year 2002.
DRAGONGAMING.COM is aggressively positioning itself to take advantage of these
astounding Asian gambling statistics by launching the initial website on or about June 1,
1999.
DRAGONGAMING.COM is intended to be a state-of-the-art website, categorized by
gaming activities as well as languages due to the multinational scope of the plan. Joseph
Masselli, Vice President of Software Development, will ensure that Total Entertainment is
equipped with the appropriate software to meet the requirements ofthe Asian market. Mr.
Masselli states that, "It is Total Entertainment's responsibility to supply the Asian market
with thehighest quality software," some of which is currently in the finalstages of
development. TTLN will discuss these improvements in detail at a later date.
Total Entertainment Inc. is committed to becoming the leader in the online gaming and
e-commerce industry. It is a debt-free corporation that has experienced explosive growth
since its inception, with over $4 million in revenues in the first six weeksof 1999.
Successful competitors in the exploding online casino andgaming industry include:
CryptoLogic (TSE:CRY.TO), GLC Limited (NASDAQ:GLCCF), Starnet Communications
International Inc. (OTC BB:SNMM), GoCall Inc. (OTC BB:GOCA), GIC Global
Entertainment Corp. (OTC BB:GGNC), Cybergames Inc. (OTC BB:CYGA), Winners
Internet Network (OTC BB:WINR), and Atlantic International Entertainment Ltd. (OTC
BB:AIEE).
The Online Casino and Sportsbook can be found at www.theonlinecasino.com
The statements in this news release may contain forward-looking statements within the
meaning of Section 27A of the Securities Actof 1933 and Section 21E of the Securities
Exchange Act of 1934, and are subject to the safe harbor provisions of these sections.
FOR FURTHER INFORMATION PLEASE CONTACT:
Total Entertainment Inc.
Sandy J. Masselli Jr.
(732) 345-1166
or
Lewis Taylor
(514) 878-9400
INDUSTRY: RES
SUBJECT: NWS
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