CasinoLand Ceases Operations

19 November 1998

Softec Systems Caribbean Inc. announced November 17 that its licensee, Atlantis Gaming Inc., which operates CasinoLand online casino, has ceased operations.

"We're disappointed in losing one of our early licensees, but we understand they've decided to withdraw from on-line gaming to re-focus on their core businesses, which is not related to our industry," said Softec Vice-President of Corporate Development Grant Johnson. "We don't feel CasinoLand's departure will have a major negative impact on Softec for the upcoming year."

All remaining account balances of CasinoLand patrons have reportedly been credited back in full.

The company's other Internet gaming licensees—Oz Gaming, Players Only, Casino of the Kings, Club Rio Casino, Aztec Gaming, Superbet, Classic Casino and Las Vegas Casino—are conducting business as usual.

Softec is in the business of licensing "turn-key" Internet gaming technologies to independent operators in exchange for participation in a percentage of its licensees' revenues. The company is a wholly owned subsidiary of Starnet Communications International Inc., a publicly traded U.S. corporation, which commercializes online applications for established entertainment markets.