Gaming Internet plc ("the Company")
Monday 8th January, 2001
The Company 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 online casino under the Paris Ritz brand name, (www.parisritzcasino.com), on a 3 year fixed term basis with a rolling 12 month contract thereafter ("the Agreement"). The marketing of the casino throughout a variety of major international markets 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 and 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 Limited, said:
Notes to Editors
Gaming Internet plc is listed on the AIM market (L: GIN) and
was established to create the premier casino and sports gaming group on
Internet sites worldwide. Its subsidiary companies are: SportsMad.Limited,
ZapCasino, Racing Network.co.uk Limited and GoBarkingMad.Limited.
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.
GoBarkingMad.com 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
An online resource for casino trade and industry news