Applied Gaming Solutions of Canada Inc. - Trinity Completes Due Diligence Phase on AGC.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--Aug. 18, 2000 Applied Gaming Solutions of Canada Inc. (CDNX CDNX See Canadian Venture Exchange (CDNX). :AGC AGC Automatic Gain Control AGC Automotive Glass Cartridge (fuse) AGC Associated General Contractors AGC Associated General Contractors of America AGC Atypical Glandular Cells AGC Attorney-General's Chambers .) has been informed by Trinity Capital Corporation of Toronto, that it has satisfactorily completed the due diligence phase of the major financing for the expansion of the on-line lottery program into the Ho Chi Minh City Ho Chi Minh City, formerly Saigon, city (1997 pop. 5,250,000), on the right bank of the Saigon River, a tributary of the Dong Nai, Vietnam. region. In a letter to the Corporation, Trinity Capital has informed AGC that, "We have been working diligently with our investors over the past several months. We have completed our due diligence and expect that the remaining conditions in the term sheet will be met shortly. Our expectations are that as soon as AGC is able to obtain shareholder approval for this transaction, we will be in a position to close 30 days thereafter." Some of the previously disclosed financing terms are as follows: The principal amount of the $17.3 million debenture will be convertible, at the holder's option, into units of Applied Gaming Solutions at a price of $.50 per unit. Each unit consisting of one common share and one common share purchase warrant. Each share purchase warrant shall entitle the holder thereof to purchase one common share at an exercise price of $0.65 per common share. The Corporation anticipates completing all necessary regulatory, statutory and obligatory requirements within the terms of the previously announced agreement by the Annual General Meeting scheduled for September 22nd, 2000. Applied Gaming Solutions of Canada Inc. is a global leader in the outsource management of online lotteries, e-gaming solutions and related professional services for delivery to a growing audience of international governments. Today, AGC leads the technical and marketing support activities for the on-line lottery system run by the Construction Lottery of the Capital-Hanoi in Vietnam, delivered in conjunction with its' suppliers AWI AWI Armstrong World Industries, Inc (Lancaster, PA) AWI Australian Wool Innovation Limited AWI Agency for Workforce Innovation (Florida) AWI Animal Welfare Institute AWI American War of Independence a division of Anchor Gaming [NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SLOT], IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) [NYSE NYSE See: New York Stock Exchange :IBM] and Motorola [NYSE:MOT]. This release contains forward-looking statements within the meaning of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, which could cause actual results, performance or achievements of the Company, or industry results to differ materially from those reflected in die forward-looking statements. Forward-Iooking statements are based on the current expectations, projections and opinions of the Company's management, and the Company undertakes no obligation to publicly release the results of any revisions to such forward-looking statements which may be made, for example to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For further information, please visit our website at: www.a s.ca The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsability for the adequacy or the accuracy of this release. |
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