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IGF and TTLN joint venture. News below. March 16, 1999 14:21 Total Entertainment and IGF Enter Major Asian Alliance Jump to first matched term RED BANK, N.J./MONTREAL, Quebec, Canada--(BUSINESS WIRE)--March 16, 1999--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 provide support 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 that know 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. Elder is 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 private corporations 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 of hotels 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's upcoming annual meeting. Mr. Bong is a qualified architect, with broad experience in property development, corporate management and business start-ups. Mr. Bong is currently Deputy Chairman of Regal Hotels 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 increased its Asia-Pacific operations from a development office to an annual revenue 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 reach such that Total Entertainment can get right to the street level of downtown 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 speaking societies, 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 TTLN and 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%) per year. Furthermore, total gambling turnover statistics for Asia are the 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 of the Asian market. Mr. Masselli states that, "It is Total Entertainment's responsibility to supply the Asian market with the highest quality software," some of which is currently in the final stages 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 weeks of 1999. Successful competitors in the exploding online casino and gaming 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 Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor provisions of these sections. CONTACT: Total Entertainment Inc. Sandy J. Masselli Jr. Phone: 732/345-1166 Or Lewis Taylor Phone: 514/878-9400 | ||||||||||||
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