MINNEAPOLIS -- Global Games, Corp. (OTC BB: "GLOW") has reached a definitive agreement to supply its proprietary Internet-ready gaming software to Internet Gaming Corporation (IGC).
IGC initially plans to offer regular bingo and full-session bingo on the Internet from its gaming business headquarters in Dominica, West Indies. Subsequent to the introduction of its Internet bingo game, IGC will offer a full range of Internet casino games supported by Global Games' software starting with a multi-player Java blackjack game.
Global Games will receive ongoing revenue from IGC's Internet gaming income. After an initial 30-day trial period, Global Games forecasts annual net revenue from its softwaresales to IGC will reach $10.3
Million, or $.20 per share. With the dramatic growth of commerce on the Internet, this projection of earnings per share is believed to be conservative, according to Global's management. Also, the above
projected EPS does not include revenues which will be earned from other divisions of Global Games, Inc.
Additionally, the planned expansion of Electronic Card Services, Inc. (ECS), announced on April 28th, is in the final stages of documentation. ECS will be operated as a wholly-owned subsidiary of Global Games, Inc. ECS President Bob Heward projected realistic fiscal year 1998 sales of about $7 million, with estimated earnings of $2.8 million. Based on these figures, the ECS subsidiary is expected to contribute almost $0.05 EPS to Global's bottom line.
Global Games is enthusiastic about the rapid development in the various divisions of their company and will provide updated information as upcoming growth plans are implemented.