A Profile of First American Scientific

22 May 1999
First American Scientific Corp., a California developer of disintegration systems, diversified in a big way recently when it entered the online gaming industry ala a sublicensing agreement with Starnet licensee Global Interactive.

The publicly traded company (FASC) incorporated in 1995 and immediately began construction on its Bakersfield, California disintegration plant, which began operation in 1997. Production in the Bakersfield plant continued until July 1, 1998 when it was determined that the company needed to raise additional working capital in order to properly finance the operations. At this point, it sold the plant and focused on application of all available funds toward development of the sludge process and the rubber process.

In Early May, more than 10 months later, the company launched new divisions with their sights set on eliminating outstanding debts by establishing an online casino. A deal was struck with Global interactive to launch an wagering site using Starnet's Softec software, and a new player was born in the online gaming industry.

A new division of the company, through a wholly owned subsidiary will operate the gaming site which will include casino games, a sportsbook with real time odds feed from Las Vegas and simulcast horse racing.

The change in direction was accompanied by a shakeup in personnel. Previous board members Jack Lovelock and Bob Dinning resigned, and Gary Burnie took over as the new president and CEO.

A corporate structure will be presented to the shareholders at the annual general meeting.