Global Net Entertainment Corp. Officially LaunchesFirst National Cambodia Lottery.
Business Editors
TORONTO--(BUSINESS WIRE)--March 13, 2000
Mr. Julius Csurgo, Chairman and CEO of Global Net Entertainment Corp. (CDNX: GET.V), announced today that the Gamebodia National Lottery in the Kingdom of Cambodia has been officially launched by a wholly owned subsidiary.
The first game is a Lotto 5/36 paper lotto game where players select five numbers of their choice out of a possible thirty-six numbers. This, and subsequent games, will operated through a joint venture with the Royal Group.
A second Gamebodia lottery will be launched in two weeks. VIP Quick Draw Lotto is a casino-style game that is similar to roulette except that the numbers are selected by a lotto machine rather than a wheel. The game has been designed specifically for the Cambodian market and is essentially a combination of roulette, bingo, keno and lotto.
In six weeks time, a break-open ticket (pull-tab) game will be launched. This game is similar to a "lottery" in a box. Each game unit has it's own predetermined number of winners and losers. A typical ticket is available in various sizes and thickness' with either three or five "window" styles. Each Gamebodia ticket is specifically designed to meet local market preferences.
The previously announced first traditional bingo operation in the Kingdom of Cambodia is now scheduled to commence operations within the next two months. The first location will feature 150 seats. Planning is underway to open five additional locations later this year.
Under the terms of the agreement with the Royal Group, Global will receive a monthly fee of US $20,000 and 70% of the net profits during year one and two. During years three through twenty-two, the Company will receive a monthly fee of US $25,000 and 62.5% of the net profits.
The Royal Group is made up of eleven subsidiaries and is the largest Cambodian owned and operated company in The Kingdom of Cambodia. Their largest and most profitable company is Royal Millicom Cambodia Ltd. (Mobitel), Cambodia's leading wireless Telecommunications Company. This company services more than 42,000 subscribers and has over 600 retail locations. It is planned that these retail outlets will serve as the first distribution channel for the Lottery tickets.
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.
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