LAS VEGAS, Oct. 25 /PRNewswire-FirstCall/ -- VirtGame Corp.
(OTC Bulletin Board: VGTI), a provider of innovative software solutions to the
regulated gaming industry, announced today that the Ocean Jewel, docked in
international waters off St. Petersburg, will be the first vessel to carry the
PrimeLine Sports Book ("Sports Book") capability aboard its ship. The Sports
Book is being operated by International Race & Sports Consultants Inc. and
managed by Perry Swanson, a veteran gaming industry executive most recently
known for starting the first race and sports book at Terrible's Town in Las
Vegas.
The Ocean Jewel is owned and operated by Titan Cruise Lines, Inc. and is a
luxurious eight-story, 450-foot floating class three gaming casino on the Gulf
of Mexico. The one-of-a-kind ship offers seven decks of authentic Vegas-style
gaming, roulette, craps, blackjack, poker and over 1,000 slot machines. With
room to hold more than 2,200 people, the Ocean Jewel is the largest gambling
ship in Florida and is the first of many vessels expected to be outfitted by
International Race & Sports Consultants Inc.
VirtGame's contract with International Race & Sports Consultants calls for
significant expansion to other vessels through September 2005. All ships will
operate in international waters and will be linked via secured transmissions
and powered by PrimeLine Race and Sports system. Perry Swanson has been
involved in the race and sports business for over 20 years working as a
supervisor at Caesar's Palace and Harrah's and managing Harrah's Tahoe and MGM
Grand. Mr. Swanson commented, "The Ocean Jewel will act as the main book hub
while additional ships added to the system over time will receive their feed
via a satellite network linked to that hub."
Mark Newburg, VirtGame's President and Chief Executive Officer, added,
"Outfitting the Ocean Jewel with PrimeLine is the next step in our continuing
expansion beyond the U.S. borders. This activity positions us very well for
not only the Nevada based gaming market, but also towards expansion in other
markets as we develop and deploy the next generation of gaming technology."
About VirtGame Corp.
VirtGame is a Nevada Gaming Commission licensed provider of innovative
sports book software systems and server-based, networked gaming software for
regulated gaming applications. VirtGame's technology platform, VirtGame
SP(TM), is a comprehensive, scalable and customizable, enabling gaming on any
hardware platform including PCs, hand-held devices and mobile phones. Gaming
content is stored on a central server and sent to terminals anywhere on the
casino floor, or beyond to extended licensed locations. The Company's
products, when used in combination, and individually, create greater
efficiencies, reduce costs, increase revenues and extend the branch reach of
casinos. For more information, please visit http://www.virtgame.com.
The statements contained in this press release that are not historical are
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
including statements, without limitation, regarding our expectations, beliefs,
intentions or strategies regarding the future. We intend that such forward-
looking statements be subject to the safe-harbor provided by the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
relate to, among other things: (1) expected revenue and earnings growth; (2)
estimates regarding the size and our penetration of target markets; (3)
adequacy of available working capital. These statements are qualified by
important factors that could cause our actual results to differ materially
from those reflected by the forward-looking statements. Such factors include
but are not limited to: (1) our receipt of adequate working capital as
required, (2) our auditors' qualification of their report on our financial
statements as to doubts about our going concern, (3) the early stage of
development of the market for software for the regulated gaming industry, (4)
lack of market acceptance to date for the Company's products and services, (5)
our receipt of nominal revenues to date, (6) our continuing losses from
operations to date, and (7) federal and state regulation of our business.
These forward-looking statements are made as of the date of this release, and
the company assumes no obligation to update such forward-looking statements.
Refer to the company's Form 10-KSB for the year ended December 31, 2003 filed
with the Securities and Exchange Commission for more information, as well as,
other filings including the company's Form 10-QSB quarterly reports.
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