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PLYMOUTH MEETING, Pa., Feb 2, 2000 /PRNewswire via COMTEX/ -- Effective February 2nd, 2000 Interactive Gaming & Communications Corp. (OTC Bulletin Board: SBET ) will change its name to GLOBESPAN TECHNOLOGY PARTNERS, INC. globespanpartners.com . The name change is part of the company's aggressive corporate restructuring plan. Over the past several months management has been working to devise a plan for the restructuring of IGC and its subsidiaries that would better reflect its position as a provider of premier web based technologies. GLOBESPAN has defined its focus as an incubator. The business model is similar to what is currently recognized as an ECONET company, with investments in several technology and e-commerce enterprises. The company originally was instrumental in establishing the offshore gaming industry by developing proprietary web based gaming software for a $500 billion market. Since then the complexion and makeup of the company has dramatically changed. The new structure depicts a clearer picture to the investment community and firmly positions the company as a growth oriented technology enterprise. Part of the company's restructuring plan calls for an upgrade in the company's listing and in December of 1999 the company made application for a listing on the Amex. The application is in processing and the company hopes to have an acceptance sometime within the quarter. The plan also calls for further augmentation of GlobeSpan's management team and board members. The company is currently in the process of interviewing candidates to fill the positions of Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, VP of Investor Relations and several new advisory board members and Audit Committee. The company has enlisted the consulting services of Ignosh & Associates of Reston, Virginia to assist the company in its restructuring efforts and funding requirements. The restructuring plan further calls for the corporate development of separate enterprises for the company's existing products and technologies. The resulting companies will be wholly owned subsidiaries and/or portfolio companies of GlobeSpan Technology Partners and will sell and support their respective products and services to targeted markets. Each enterprise may take advantage of outside investment opportunities and potential IPO offerings. Funding for the successful operation of these companies will come from a private placement of up to $5,000,000, which GlobeSpan will offer to the public in February. Each of these companies will operate autonomously and will rely on GlobeSpan to provide ongoing capital funding, some management, accounting and services as needed. The resulting companies and corporate structure are as follows: Intersphere Communications Ltd. (www.intersphere.com) will remain the Research and Development arm of GlobeSpan Technology Partners. Intersphere has a proven track record in the development and deployment of web-based and e-commerce solutions. To date the company has designed and developed all of the products and applications for the resulting companies. The company has recently added to its development teams appropriate personnel to meet the intended new demands from the restructuring of IGC. The company has recently recruited John Millaway to become its new President. Jeffrey Erb will become president of PlayForFun while remaining as Vice President of Intersphere during the transition. Mr. Millaway, with his extensive programming and management background, will take charge of the direction and day-to-day product development and support services. Intersphere will continue to retain the sole or literary rights to any of the products it develops. Interactive Gaming Corp. (www.igccorp.com) was formed to become the owner and marketing company for Intersphere's LiveAction Gaming Platform and related casino products which consists of LineMaster, CasinoMaster, HouseAdvantage, LiveWagering and the newly introduced online totalization wagering system ToteMaster. All of these products were contributed along with all outstanding licenses and license agreements by IGC as their capital contribution. IGC will have all exclusive rights to further develop, license and market these products. Included in the transaction is an assignment of the Gamblenet Technologies Foreign Representative and License Agreement. Revenues for the year 2000 from all product lines including royalties are projected at over $4 million. PlayForFun Inc. (www.playforfun.com) is an operating destination portal, which provides a gateway and content to other major portals including GambleNet (www.gamblenet.com) and WhoWonWhere (www.whowonwhere.com) . Intersphere will transfer specific rights to its LiveAction Gaming Platform exclusively for incentive based advertising and marketing in conjunction with the PlayForFun Portal and Marketing concept. No rights are granted for actual real-time gambling. Revenue will be generated from the sale of advertising on the site along with co-branding of PlayForFun content and games. All licenses and co-branded partnerships will also be turned over to PlayForFun. PlayForFun has developed co-branded incentives with Lycos, Telebet and others. The company has projected its revenues from advertising, sponsorships, e- commerce and co-branding to reach $6,000,000 in 2000 and triple to over $18 million in 2001. MySchoolBoard Inc. (www.myschoolboard.com) is to be formed and once setup will become an international gateway and portal to the educational or school market. Intersphere has under development and scheduled for release in late February or early March a unique database driven Internet portal architecture which provides sorely needed income and informational services to school systems around the world. The web-based system will allow for teachers, students and parents to get up to the minute school information and interfacing. Broadband Video streaming technology will be incorporated into the site for conferences and educational material. The company will look to establish partnering deals with many of the major educational content providers such as Microsoft, World Book encyclopedia and others. Revenues are generated from Ad Banners sold on each of the anticipated thousands of web pages for each school. The company, due to a serious lack of competition, is projecting a 25% market penetration in the first year with revenues exceeding $5,000,000 and $20,000,000 in year 2 of operations. Revenues to participating schools are expected to reach $8,000,000 in 2001. Century Steel Products was acquired in March of 1999 in GlobeSpan's control block acquisition of Century Industries. Century is a 25-year-old company involved in the fabrication and installation of structural steel products and structures for commercial use. The company has and continues to show sustained growth and profits over the years. Revenues for the company in 2000 are projected to exceed $9 million. Precision Media Inc. (www.precisionmedia.com) IGC has signed a letter of intent to acquire a 30% interest for the sum of $1,000,000 in cash, IGC stock, products and services. The company anticipates finalizing the deal within the next 30 days. Precision Media is a 1-year-old company specializing in Broadband Video Streaming over the Internet. Precision currently has a vast catalog of content for distribution and will be adding to its List IGC's TurfCast.com product. Precision Media is a natural blend of technology and distribution for the IGC family of companies, which require varying levels of video streaming technology and services. In other events IGC and its board of directors will be making its final decision on an auditing firm to replace Parente & Randolph by February 4th at which time a public announcement will be made and filed with the SEC. Also, the company is currently in the process of interviewing several public relations firms and plans to make a selection and have a deal in place sometime in February of 2000. Michael Simone said ... "far too long we have been misperceived as solely an I-Gaming company when in fact we are a software research and development company with e-solutions in many areas of commerce and the Internet. The restructuring plan is a welcomed change and will better convey GlobeSpan Technology Partners' message to the investment community, markets and the public. As I had said before, this company has turned the corner. Now watch us grow!" Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities & Exchange Commission. SOURCE Interactive Gaming & Communications Corp. (C) 2000 PR Newswire. All rights reserved. prnewswire.com -0- CONTACT: Investor Relations of Interactive Gaming & Communications, 610-941-0305 Ext. 21, or Fax, 610-941-4752, or Email, investorrelations@igccorp.com WEB PAGE: precisionmedia.com myschoolboard.com whowonwhere.com gamblenet.com playforfun.com intersphere.com globespanpartners.com igccorp.com GEOGRAPHY: Pennsylvania Virginia INDUSTRY CODE: CNO MLM SUBJECT CODE: RCN PER | ||||||||||||
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