Omicron Technologies, Inc. and its gaming licensing subsidiary, MaXuM Entertainment Ltd. announced this week the signing of four Internet casino licensing agreements totaling $1.2 million in initial licensing fees. Ongoing royalty revenue will be 25 percent to 35 percent of the gross revenues generated from each Internet Casino. The company's master plan is to sublicense over 50 Internet casinos within the next six months. Its projected revenues from the sub-licensees is more than $30 million per year.
Omicron and its software development subsidiary, Cyberweb Systems Inc., have finalized a strategic alliance with Fairwind Technologies Ltd., a Korean-based developer of "Next Generation" gaming software, by completing an exclusive development and licensing agreement. Fairwind will receive $375,000 in total compensation; 75 percent will be paid in staggered cash payments and 25 percent will be paid in common shares of Omicron.
Fairwind's programming team has developed a dynamic, interactive, multi-player Internet gaming platform. The software includes chat, private chat rooms and multi-player private game rooms where participants can schedule to play against each other.
Cyberweb Systems, along with Fairwind, is enhancing the gaming platform by developing multiple casino themes and customized avatar characters. Players will be able to chose avatars or unique representative characters with different facial expressions to play in a variety of games. With a chosen avatar, each member will enter the "Lounge" area, where he or she can chat with other members and friends. From there they can enter the private gaming rooms and chat areas or enter the "Casino Strip," where they will have a choice of various casino themes.
Live beta testing of the new software will commence in November 1999 and Version 1.1 is expected to go live in January 2000.
In related news, Omicron CFO Sak Narwal, announced Monday that the company has finalized the terms of a $5 million financing with investment bankers Corporate Capital Management of Minnesota. The initial $1 million will be financed by Corporate Capital themselves and forwarded to Omicron within the next several days. Corporate Capital will place the remaining $4 million of this financing with their clients within the next few weeks.