GIC Global Intertainment to Purchase Internet/Sportsbook Casino Site

25 April 1998

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.