Online Gaming Systems - OGAM - Announces European Licensing Agreement
Preliminary Up-Front Fees Total $400,000
BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 5, 2000--Online Gaming Systems, Ltd. (OTCBB: OGAM) announced today its first European licensing agreement delivered through its distribution alliance with John Huxley Casino Equipment Company based in England. The license agreements include the Company's Internet gaming product lines, including both gaming and wagering products. Terms of the agreement call for preliminary, up-front licensing fees of more than $400,000 plus incremental recurring revenue streams and maintenance fees for the duration of the agreement. Further details regarding the licensee will be released at a later date under the terms of the agreement.
Online Gaming President and CEO Richard Iamunno stated, "We are very pleased that our joint efforts with John Huxley have produced such a significant licensing agreement in such a short period of time. We continue to be enthusiastic about our arrangement and believe that our complimentary strengths will generate value for our shareholders as our full array of new and existing products continue to penetrate the global marketplace. We will continue with Huxley's significant gaming experience to build our recurring revenue base which, as we've stated in the past, is a primary goal for our company".
John Huxley Chairman, Jeffery Lindsey stated, "We are pleased to announce these licenses as a product of our hard work with Online Gaming Systems. Our company's resources continue to be focused on this project, an endeavor that we believe is in its infancy. Over time we believe market penetration is achievable worldwide, adding significant incremental value to both companies."
Online Gaming Systems, Ltd. (www.ogsltd.com) develops and markets Internet and private network transaction based products that it only offers to licensed gaming operators in regulated jurisdictions. These products include: Internet Casino Extension(TM) (ICE(TM)), a growing suite of casino games; webSports(TM), a sports wagering system; Lotto Magic(TM) a lottery system for private, government and fund raising purposes; and Bingo Blast(TM) a multi-player system for charity and private organization use. The company also offers wireless and portable gaming devices through its Las Vegas based Excel Design, Inc., a wholly owned subsidiary and Anchor Gaming (SLOT) its exclusive North American distributor.
This press release contains potential forward-looking statements regarding the Company. The future performance of the Company involves risks and uncertainties that could cause actual results to differ materially. Such risks include competition and pricing pressures, dependence on telecommunications carriers, management of growth, customer turnover, technological change, governmental regulation, unauthorized use of technology, system failures and a variety of stock market-related risks. For a more complete description of certain such risks and uncertainties, we refer you to the documents that the Company files from time to time with the Securities and Exchange Commission including 10K filed May 7, 1999 and form 10Q filed November 18,1999.
For Investor Relations please contact: Integrated Corporate Relations / Tom Ryan, 203/222-9013 Ira W. Miller or Larry Fortune / 949/833-9001
--------------------------------------------------------------------------------
Contact:
Online Gaming Systems, Ltd., Boca Raton
Richard Iamunno, President & CEO
Phone 561/393-6685
Fax 561/393-1485 |
