Wilmington, DE -– Two subsidiaries of Starnet
Communications International Inc. (NASD OTC-BB: SNMM)
have entered into a Letter of Intent outlining a
strategic alliance with the Ontario Jockey Club (OJC),
which encompasses netcast coverage & online wagering
on the OJC's horse racing events, and a Joint Venture
to further develop both parties' on-line pari-mutuel
wagering technologies.
Established in 1881, the OJC is respected worldwide
as one of the most innovative organizations in horse
racing. The OJC owns and operates two year-round horse
racing facilities: Woodbine Racetrack in Toronto, Ontario
and Mohawk Raceway in Milton, Ontario, which jointly host
over 400 live horse racing events per year. The OJC
pioneered Canadian simulcast horse racing coverage via
closed-circuit television in 1980. Woodbine, the home to
The Queen's Plate (North America's oldest continuously-run
Thoroughbred stakes race), hosted the prestigious Breeders'
Cup in 1996.
Under an Internet Simulcast Agreement, horse racing events
from the OJC's facilities will be broadcast on Starnet's
Internet gaming site, World Gaming.
World Gaming patrons will have full access to the system's
features, including up-to-the-minute track, program and
handicapping information, and live racing coverage. Viewers
residing outside of North America will be able to place
up-to-the-post bets on the outcome of the OJC races.
World Gaming, a wholly owned subsidiary of Starnet, is
licensed in Antigua, West Indies to accept and process
wagers via the Internet. In addition to pari-mutuel
wagering, the multilingual World Gaming system features
virtual casino games, a Sportsbook with live odds feeds from
Las Vegas and Europe, a virtual bingo hall and an international
lottery ticket brokerage.
In the interest of advancing its Internet pari-mutuel
wagering technology, Starnet Communications Canada Inc.
(a wholly owned research and development subsidiary) will
develop such technology with the OJC under a joint venture agreement, for future use by either
party. Under the terms of the joint venture, Starnet Canada
will provide Internet commerce & marketing consultation on
the OJC's current business applications, and the OJC will
consult Starnet Canada on the management of pari-mutuel
wagering systems.
Starnet is a fully reporting,
publicly traded interactive entertainment company, which
identifies and commercializes Internet technologies for
established markets.