GIC Global Intertainment Corp Enters to Purchase Two Online Casino Sites

1 June 1998

LAS VEGAS -- GIC Global Intertainment Corporation (OTC Bulletin Board: GGNC) has entered into the final stages of negotiations to acquire 100% ownership of two established Internet Casino Sites with combined gross revenues of U.S. $35 million per year, and combined net profits of U.S. $1.75 million per year.

The company intends to complete the two transactions with a combination of cash and restricted shares. It currently has 4.5 million shares issued and outstanding, of which 3.5 million shares are restricted for two years. They intend to complete the transactions with less than 20% dilution.

The company's strategy to move toward market dominance is to first implement an aggressive marketing and advertising campaign to increase the awareness and existing customer base of the two Internet Casino Sites. Each of the sites will then be translated into Chinese to target the Gaming customers in Asia. They also plan to introduce the first "Global Horse Racing Channel" on the Internet, where people can choose to see any one of the world's top horse race events in real time. Customers will have the ability to access important live odds, background video training information on both the jockeys and the horses before placing their bets.

The company has already set up an infrastructure of representative agents in Beijing, Shanghai, Guanghou, Hong Kong, Taiwan, Korea, Japan, and Australia to help increase the awareness and client base of the two Internet Casino Sites by promoting the Internet gambling opportunity in Asia.

GIC's first year projections for the combined gross revenues of the two Internet Casino Sites total U.S. $65 million, with first year projections for combined net profits totaling U.S. $6 million and estimated earnings of U.S. $1.15 per share.