Global Net Entertainment Announces International BingoJoint Venture and First Cambodia Bingo Operation.
Business Editors
TORONTO--(BUSINESS WIRE)--Mar. 6, 2000
Mr. Julius Csurgo, Chairman and CEO of Global Net Entertainment Corp. (CDNX: GET.), announced today that a wholly owned subsidiary has entered into a Joint Venture agreement with Noram Gaming and Entertainment Co. (OTCBB:NORE), to build and manage traditional, television and online Internet Bingo operations internationally.
Mr. George Zilba, Chairman and CEO of Noram Gaming and Entertainment, has been in the Bingo and Gaming Industry for over 30 years. Noram is the exclusive North American distributor for Vaprel S.A. of Spain, one of the world's largest bingo equipment manufacturers. Global Net Entertainment Corp. is an integrated gaming company that develops and provides online software technologies, broadcasting and information; and that designs and operates traditional Lottery systems.
The companies will co-develop the first traditional bingo operation in the Kingdom of Cambodia under Global's present joint venture license agreement with the Royal Group. This initiative is Cambodia's first Bingo operation and plans are being established to open additional 5 locations later this year. Global and Noram are also presently pursuing additional Joint Ventures in a number of other countries to be announced at a later date.
Mr. Zilba has also assisted over 300 charitable and non-profit organizations to develop and operate successful fund raising activities. The two companies plan to implement online gaming strategies using Global's various software applications to explore and develop this market. Their profit and non-profit Internet bingo strategy will be launched under www.bingonation.com.
Global and Noram have also agreed to develop and market TV Bingo through Cable companies around the world. Mr. Csurgo stated that "The market potential for this is enormous as Bingo is one of the most played games in the World. In total, Bingo accounts for greater revenue than movies, music, theatre and professional sports combined." The executives of both companies are extremely excited about the potential growth of TV Bingo and are presently exploring opportunities through Global's existing business relationships in Central and South America.
Mr.Csurgo also announced today that the first 50 Video Lottery Terminals relating to an agreement in Honduras have been delivered and will be fully functional by March 10, 2000. The Company will be finalizing arrangements for the delivery of an additional 100 machines scheduled for shipment in early April. In addition, the Company has decided not to proceed with its previously disclosed relationship with Liberty One Communications Ltd. of Vancouver, British Columbia. It is currently evaluating options for the implementation of an international investor relations strategy. A new Global Net corporate website is available at www.globalnetertainment.com.
Shares Issued: 9,500,030
On behalf of the Board of GLOBAL NET ENTERTAINMENT CORP.
"Julius Csurgo" Chairman & CEO
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