649.com Inc. Announces Management Change, Corporate and Software Development Update.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 5, 2002 649.com Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ABET) announced today that the company has undergone a recent management change reflecting the mandate of the board of directors to ensure the company continues with its direction to become a leading internet lottery and gaming portal. The board of directors recently appointed Mr. John Buddo as President and as a director of the company. Mr. Buddo is an experienced executive whose career has primarily been involved in technology infrastructure, online gaming See gaming. and the management of application service model internet based companies. Additionally, the board of directors has appointed Mr. Mark Glusing as a director of the company. Mr. Glusing has a strong background in international business management and finance and until recently was a director and the Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Immune Network Ltd., a publicly traded biotech company. Mr. Glusing is currently a director of FITaccess Technologies Inc., AbNovo Pharma Inc. and is a former director of BC Research Inc BC Research Inc. is a 180,000 square foot scientific research and development company located at the south end of the University of British Columbia campus. The company specialized in consulting and applied research and development in the area of plant biotechnology and . As previously announced, 649.com Inc. has undertaken to become a fully reporting issuer and has been addressing the latest comments as put forth by the SEC with respect to the filing of a Form - 10SB. The amended filing of the Form - 10SB incorporating the items raised by the SEC is expected to be complete before the end of the 1st Quarter, 2003. The company is presently exploring its options with respect to financing in order to ensure sufficient working capital is available for the launch of its software licensing program in 2003. Financing may be concluded on the basis of debt, equity or a combination thereof. In relation to software development, 649.com Inc. is in the final stages of its beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the , taking into consideration all the items raised by the testing team and the general public who have accessed the prototype lottery at the company's internet domain, www.649.com. On the basis that the beta testing and analysis will be completed shortly, the company immediately plans to explore joint venture, collaborative and other opportunities with strategic partners which may include government jurisdictions. Local governments generally manage lotteries in their respective jurisdictions and 649.com Inc. plans to determine the viability of mutually beneficial Adj. 1. mutually beneficial - mutually dependent interdependent, mutualist dependent - relying on or requiring a person or thing for support, supply, or what is needed; "dependent children"; "dependent on moisture" relationships with regulatory bodies which tend to be proactive in online gaming. About 649.com Inc. 649.com Inc. is a Vancouver based company developing a proprietary online lottery system which provides players with instantaneous results in relation to the six numbers they have selected. Players of traditional lotteries must wait until the scheduled draw of the numbers in order to determine whether or not they have selected winning numbers. The 649.com system allows players to win instantly. 649.com Inc. plans to license the software to pre-qualified purchasers and anticipates revenue streams from both the initial licensing fees and on going royalties. It is anticipated that a potential niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. for the company will be government regulated lotteries seeking to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the growing market of online gaming through the introduction of an instant lottery system. As an example of the estimated market size for lotteries worldwide, overall revenues generated by EEC EEC: see European Economic Community. based lotteries exceed approximately 35 Billion U.S. dollars annually of which the UK segment represents approximately 7.9 Billion U.S. dollars annually. On behalf of the Board of Directors, Mr. John Buddo, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Legal Notice Regarding Forward-Looking Statements This press release may contain forward-looking statements, particularly as related to the business plans of the company, within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created by these sections. Actual results may differ materially from the company's expectations and estimates. |
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