Atlantic International Entertainment, Ltd. Agrees to $4 Million Dollar Equity Placement.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--April, 30, 1998--Atlantic International Entertainment, Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AIEE AIEE American Institute of Electrical Engineers (now IEEE) AIEE Aeronautical Imagery Exploitation Environment ) announced today that it has entered into an agreement under which the South African-based Hosken Consolidated Investments, Ltd., (HCI (Human Computer Interaction) Refers to the design and implementation of computer systems that people interact with. It includes desktop systems as well as embedded systems in all kinds of devices. ) purchased one million shares of AIE's common stock pursuant to Regulation D. In a simultaneous transaction simultaneous transaction See riskless transaction. , HCI has subscribed for 25% of AIE's South African subsidiary, Atlantic International Entertainment, Ltd., South Africa. HCI received its equity stake in consideration for their active participation in the company. Principal shareholders of Hosken Consolidated Investments are the Mine Workers Investment Company and the SACTWU SACTWU Southern African Clothing and Textile Workers' Union Investment Company, (South African Clothing & Textile Workers Union). Atlantic's President & 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. , Richard A. Iamunno, reporting on the significance of the events to AIE AIE Adventures in Education AIE Associazione Italiana Editori (Italy) AIE Arts in Education AIE Associazione Italiana di Epidemiologia AIE Applied Information Economics AIE Australian Institute of Energy and its shareholders, said, "HCI brings Atlantic an internationally recognized investment partner and a company knowledgeable and committed to leading edge gaming products and markets. "With HCI as AIE's South African colleague, we will accelerate our expansion plans for South Africa and the African Continent and will increase our worldwide exposure in markets in Australia, Europe and Asia." HCI's Chairman, Marcel Golding commented, "The investment in AIE deepens our involvement in the electronic and interactive gaming and wagering business. The partnership with AIE will contribute to HCI's strategy of becoming a major player in electronic gaming in S.A." AIE develops and markets Internet and private Network transaction-based products including global turnkey Internet Casino Extension (ICE) for licensed casinos; webSports, its Internet sports wagering product; Hotel Hotlinks, in- room gaming and entertainment system; realSports, an on-line sports information service and Internet-related products and services (The EmiNet Domain). This press release contains potential forward-looking statements regarding the Company. The future performance of the Company involves risks and uncertainties that could cause actual results to differ materially. Such risks include competition and pricing pressures, dependence on telecommunications carriers, management of growth, customer turnover, technological change, governmental regulation, unauthorized use of technology, system failures and a variety of stock market-related risks. For a more complete description of certain of such risks and uncertainties, we refer you to the documents that the Company files from time to time with the Securities Exchange Commission including 10K filed July 3, 1997 with the Securities Exchange Commission and form 10Q filed September 8, 1997. CONTACT: Richard Iaumunno, President & CEO Atlantic International Entertainment, Ltd. Telephone: (561) 393-6685 Fax: (561) 393-1485 |
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