to Buy Global Cash, Inc.

3 October 1999, a provider of numerous Internet gaming services, announced Thursday that it has signed a letter of intent to acquire Global Cash, Inc., an Internet merchant gateway for e-commerce transactions. The company forecasts its growth with the acquisition (which includes existing e-commerce client accounts) to exceed $125 million annually.

"The acquisition of Global Cash completes our operational strategy to service Internet casino owners with the responsive business solutions they need to be competitive, but more importantly it provides the cornerstone for our strategic growth into 'entertaining' e-commerce," President and CEO Andy Ruppanner said. "Our services business model is now paying dividends with continuing sales of gaming software at $200,000 and ongoing license fees at 30 percent, as well as annuity revenues with margins exceeding 15 percent."

Through its excursion into the e-commerce sector of the Net betting industry will facilitate the use of Global E-Cash, a form of computer-based currency which can be securely purchased with credit cards, wire transfers, and withdrawn via credit card, check or ATM.

Ruppanner says the company is confident in its ability to attain its yearend business plan.