The dot-com bandwagon is completely out of control. The latest public company in the online gaming industry to convert its name to one of the dot-com variety is San Diego-based Virtual Gaming Technologies.
Shareholders of the company voted this week to change its name to a meaner, leaner "Virtgame.Com." The name change is effective immediately, however the company's trading symbol will remain 'VGTI'.
"This name change was done to reflect the company's intention to serve as a provider of Internet software and application solutions for the gaming industry," explained Virtgame.Com President and CEO Joseph R. Paravia. "This is a niche market and we believe that we are well positioned to take advantage of the opportunity to make alliances with the major land based casinos and sports wagering companies" he added.
If the dot-com isn't enough to sell more shares, perhaps the company's latest financials will. On August 2 it reported a whopping 90 percent increase in net gaming revenues for the second quarter of 1999 compared to the second quarter of 1998. For the six months ended June 30, 1999, net gaming revenues increased more than 170 percent over the same six month period in 1998.