LAS VEGAS -- GIC Global Intertainment Corporation (GIC)(Nasdaq: GGNC)
has signed a letter of intent to purchase the assets and operations of an established
Internet sportsbook/casino site with a valid offshore internet gaming
license, revenues and profitable earnings.
GIC intends to complete this transaction with a combination of cash and
restricted shares. With respect to the operations of the internet
sports book casino site, GIC does not intend to transact business with
persons in the United States or otherwise violate U.S. laws.
The privately held Internet sportsbook/casino site is currently
marketing a sports betting service, with estimated gross revenues of
U.S.$35 million per year and estimated net profits of U.S. $1.75 million
per year. GIC intends to use the site to establish a Global Horse
Racing Channel on the Internet where people can choose to see any one of
the world's top ten horse race events in real time.
Customers of the channel will have the ability to access important
background video training information on both the jockeys and the horses
before placing their bets. This live feed Internet technology will
allow bets to be placed anytime, anywhere in the world, including
airlines, hotel rooms, cruise ships and house-hold residents. The
Global Horse Racing Channel will operate in a similar fashion to a cable
network channel or pay-per-view channel, but it will be interactive and
live.
Using this real time technology, GIC will introduce an interactive
multi-player gaming service and multimedia virtual casino for the
Internet that will simulate a true casino, horse race and sports betting
service with 3D motion and sound.
In addition to the existing marketing strategy, GIC intends to increase
its marketing campaign in both Asia and Europe to dramatically enhance
the awareness of the sports book casino site. The focus will be
primarily on Asia, since horse racing is Asia's most popular gambling
past time, and the site will be translated into Chinese to target the
Chinese gaming customers in Asia.
GIC's first year projections for the site's gross revenues total U.S. $50 million, with first year projections for net profits totaling U.S. $4 million.
Global Intertainment Corporation is a high technology, entertainment and
marketing company that utilizes proven state of the art technologies
that are directly linked to the internet, specifically in the area of
internet gaming. The company intends to aggressively seek market dominance by
way of mergers and acquisitions of Internet-related companies that are
already positioned in the market place. Actual revenues and net profits
will be provided by GIC during the next phase of the acquisition, once
GIC has the opportunity to complete an independent audit of the books
and records of the privately held gaming company.