Gaming & Entertainment Group, Inc.
(OTC BB: GMEI), a leading provider of advanced server-based gaming systems
and downloadable games, today announced the release of a range of
video-based roulette games and the completion of its slot operating system
for the Amusement With Prizes (AWP) arcade market and Licensed Betting
Offices (LBOs) in the United Kingdom and Republic of Ireland.
This major development project began in February 2003, and its completion
marks a significant milestone in GMEI's history. Historically, GMEI has
been recognized as a leading-edge developer of Internet gaming systems for
regulated online casinos. Completion of the Company's central-server gaming
platform broadens GMEI product range to encompass the needs of "bricks and
mortar" gaming operators, allowing them to quickly and easily deploy new
games electronically, and to monitor their performance without the
traditional expense and inconvenience associated with relocating physical
gaming machines and taking manual meter readings.
Management of GMEI anticipates that the introduction of its FOBT and AWP
roulette games will translate into sales of 300 devices to AWP arcade
operators and LBO managers in the second half of 2004. The Company
estimates that the sale of 300 devices will generate revenue of $1.8
million for the period.
"We have always been at the leading edge of gaming systems development,"
said Gaming & Entertainment Group's Chief Executive Officer, Tibor Vertes,
"but now we have totally redeveloped our platform to simultaneously support
standalone AWP video-based gaming machines, local clusters of multi-player
machines, wide-area networked games, and our Internet system."
"The ability to rapidly develop and deploy new games has become ever more
critical to AWP arcade operators and LBO owners alike," said Kevin Burman,
GMEI's Chief Operating Officer, who is responsible for the Company's UK
business development. "We have seen the emergence of FOBT games in LBO's,
followed almost immediately by industry lobbying that led to the
introduction of similar roulette and bingo games in AWP arcades and bingo
halls. Our new platform will allow game developers to build and deliver
exciting new games to the industry without ever again having to worry about
the hardware itself. Most importantly, operators will no longer need to
move gaming machines physically around the country."
The Company intends to use a portion of the $2.445 million in gross
proceeds from its recent private placement ($1,772,000 of which closed in
the three months ended March 31, and $673,000 of which closed during the
period April 1 to May 31, 2004) to deploy AWP and FOBT roulette machines in
the United Kingdom on both outright sale and revenue-sharing placements.
About Gaming & Entertainment Group
Gaming & Entertainment Group is a leading provider of advanced server-based
gaming systems, downloadable games and online gaming sites for casinos,
lotteries, bingo halls and licensed betting offices in the United States,
Canada, the United Kingdom and Europe.
For additional information, please visit www.gaming-group.com
Other active stocks are Catalyst International Inc. (OTC BB: CLYS), Mariner
Health Care Inc. (OTC BB: MHCA), Aegis Assessment Inc. (OTC BB: AGSI).
Information, opinions and analysis contained herein are based on sources
believed to be reliable, but no representation, expressed or implied, is
made as to its accuracy, completeness or correctness. The opinions
contained herein reflect our current judgment and are subject to change
without notice. The IOCircuit accepts no liability for any losses arising
from an investor's reliance on or use of this report. This report is for
information purposes only, and is neither a solicitation to buy nor an
offer to sell securities. The above company has hired and paid the
IOCircuit $600.00 for the publication and circulation of this report.
Certain information included herein is forward-looking within the meaning
of the Private Securities Litigation Reform Act of 1995, including, but not
limited to, statements concerning manufacturing, marketing, growth, and
expansion. Such forward-looking information involves important risks and
uncertainties that could affect actual results and cause them to differ
materially from expectations expressed herein. The IOCircuit has no
ownership of equity and no representation of accuracy in the above company
and our reports are designed to communicate company announcements through
our Press Release Service.
Contact:
C.P. Barry
Company: www.IOCircuit.com
Phone: 570.443.0539
