Source: Gaming Internet plc (The Company)
Harrods and Gaming Internet in online casino partnership
Gaming Internet announces that its wholly owned gaming subsidiary, Fortuna Universal Juegos Globales SA ("Fortuna"), has entered into an agreement with Sporting Resorts SA, a subsidiary of Harrods Online Limited under which Fortuna will operate a new casino under the Harrods brand name (www.harrods-casino.com), on a 3 year fixed term basis with a rolling 12 month contract thereafter ("the Agreement"). The marketing of the casino will be undertaken jointly by the two parties and the profits of the casino will be shared between Sporting Resorts and Fortuna.
Under the terms of the agreement the Company will pay Sporting Resorts an initial consideration of £900,000 to be satisfied by the issue of 3 million new ordinary shares. So long as the contract has not been previously terminated, further consideration of £300,000 will be paid on the fourth and the fifth anniversary of completion of this agreement, to be satisfied in each case by the issue of an additional 1 million new ordinary shares. Sporting Resorts has undertaken not to dispose of any new ordinary shares issued under this agreement for a period of one year after their issue without the consent of the Company its Nominated Adviser and in any event through the Companyís nominated broker.
If during the currency of the agreement, an offer for the whole of the issued share capital of the Company is declared or becomes unconditional in all respects, the Agreement will become a five year fixed term agreement from that point and the Company will issue a further 5 million new ordinary shares to Sporting Resorts.
David Sanderson, Chief Executive of Gaming Internet, said:
Bill Najdecki, Director of Harrods Online, said:
Notes to Editors
SportsMAD.com has developed five pay to play games on SportsMAD.com. Football Mad, TennisMad, GrandPrixMad, CricketMAD and GolfMAD. Pay to play games were launched in July 2000. SportsMAD.com was launched as a family of entertainment and information web sites for sports fanatics, and provides interactive-arcade-style sports games and quizzes with major monthly and annual cash prizes.
Zap Casino.com was launched onto the World Wide Web in 1999 and is played in over fifty countries. Games include Poker, Baccarat, Roulette, slot machines and scratch cards in eleven languages. ZapCasino.com is the first on-line casino to be insured with a Lloyds of London broker.
Racing Network.co.uk was launched in May 1999 and is a dedicated horse racing information service for enthusiasts worldwide. With a British Horseracing Board licence, Racing Network provides daily horse racing declarations for British racing, trainers, jockeys, jockey weights together with a form guide for each horse declared to run and details of UK and International racecourses, a daily racing news service, tipping service and race-by-race results service.
announced (September 2000) in its intention to launch a 24-hour a day 7
days a week greyhound racing business over the Internet, interactive television
and new mobile telephone technologies. GoBarkingMad.com has already
acquired exclusive Internet, interactive television and mobile telephone
broadcasting rights from greyhound tracks across the world, including the
United Kingdom. United States of America, Australasia, Asia/Pacific, Europe
and Africa. GoBarkingMAD.com can now schedule over 75,000 greyhound
races per year.
John Bick, Holborn
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