AIE Stocks Going Down… Under, That Is

19 February 1999
Atlantic International Entertainment, Ltd. (AIE) announced this week that it will apply for a listing on the Australian Stock Exchange, a decision made to provide a market in Australia for AIE Ltd. shares, particular for the convenience of their more than 500 Australian shareholders.

AIE Ltd. has had preliminary discussions with representatives from ASX and believes it satisfies requirements regarding net tangible assets and spread of shareholders. Prior to listing on ASX, AIE Ltd. will need to ensure, among other things, that:

  • Its constituent documents are consistent with the listing rules of ASX and, as far as possible, with the Law.
  • Its financial information is in accordance with standards acceptable to ASX.
  • Its clearing and settlement procedures are appropriate.

"The listing of AIE Ltd. in Australia is a further example of the commitment the company has to the Australian marketplace," explained Atlantic President and CEO Richard A. Iamunno. "Atlantic has been active in this market for eighteen months and will now underline our presence by having an ASX listing. The company will increase its presence by securing larger offices in Sydney and expanding its current staff to as many as ten full time employees within the next sixty to ninety days. Atlantic will seek to forge close relationship with existing Gaming & Wagering Operations by offering its full Internet Casino Games, Sports Wagering, Keno, Lottery and Bingo product lines to the market."

AIE develops and markets Internet and private network transaction-based products, including global turn-key Internet Casino Extension, for licensed casinos; webSports an Internet sports wagering system; Lottery Systems, for private, government and fund raising purposes and Bingo for charity and private organization use. Internet-related products and services, including sales of handheld wireless computers and e-Commerce, are provided by Atlantic Internet.

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