Boca Raton, Florida -- Atlantic international Entertainment, Ltd., AIE (NASDAQ-OTC BB) has received the South African Reserve Bank's approval for the release of the private placement funds.
The company entered into an agreement with the South African-based Hosken Consolidated Investments, Ltd., (HCI) on April 30, 1998. HCI's major shareholders are the Mine Workers Investment Company and the SACTWU Investment Company, South African Clothing & Textile Workers Union. The transaction is worth approximately $4 million.
Reporting from Australia, Atlantic's President & CEO Richard A. Iamunno stated that, "The release of these funds is a significant event for AIE. The Company now will embark on an exciting period that will see the Company accelerate its global growth and will commence an aggressive sales and marketing campaign in our South African based subsidiary. Atlantic is excited about beginning our relationship with HCI and working together to establish the premier interactive gaming company in South Africa."
AIE develops and markets Internet and private network transaction based products including global turn-key Internet Casino Extension, (ICE) for licensed casinos; webSports, Internet sports wagering system; Hotel Hotlinks, in-room gaming and entertainment system; and realSports, an online sports information service and Internet-related products and services (The Eminet Domain).