LAS VEGAS -– Interbet Inc. (OTC/BB:EBET) and Virtual Gaming Enterprises Inc. (VGTI) have just closed a deal to merge. The new company name will be Virtual Gaming Enterprises Inc.
Following the merger, the surviving Interbet corporation is to have 23,863,461 outstanding shares, of which Virtual Gaming Enterprises' shareholders receive 12,000,000 shares. The company has headquarters in Escondido, Calif.
Interbet is an online, real time operator of bingo games for cash or barter on the Internet. Beta testing of the company's proprietary games has continued at the web site, www.interbet.com, for several months as the company sought the merger and complete change of management which was completed today.
Virtual Gaming Enterprises chairman, Joseph M. Williams, said that rapid implementation of the bingo games on the Internet will be the company's first priority. "We can be fully operational with Internet bingo very quickly and moving to Phase II by the fourth quarter of this year," he said.
Phase II will be the deployment of a sports book and a suite of casino games on the Internet licensed by the country of St. Kitts and available for play internationally except in the United States. Bingo, however, will be under the auspices of a Native American tribe and available to players in all states excluding Arkansas, Utah and Hawaii. The company does not have an agreement with a tribe at this time, but is optimistic that a contract can be obtained in the near future.
The company intends to complete the purchase of a series of casino games, including roulette, poker, craps, and keno for sale and leasing to entrepreneurs who wish to have turn-key facilities, including back office accounting and record keeping on the Internet.
For more information on Interbet, visit their corporate site at www.vg-ent.com.