Atlantic International Entertainment, Ltd. Subsidiary Announces Up to $45,000,000 (USD) Acquisition Bid for Austrailian Public Company Coms21.BOCA RATON, Fla.--(BUSINESS WIRE)--May 8, 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 its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Atlantic International Entertainment Australia Pty, Ltd., (AIEA Aiea (ä'ēā`ä), city (1990 pop. 8,906), Honolulu co., Oahu, Hawaii, a residential suburb of Honolulu, on the eastern shore of Pearl Harbor. ), an interactive and Internet Gaming Software Systems Provider, has made an offer to acquire all of the listed company, Coms21 (ASX ASX See: Australian Stock Exchange - CMZ (programming) CMZ - A portable interactive code management system from CodeME S.A.R.L in use in the high-energy physics community. ). AIEA will offer Coms21 shareholders the equivalent of 44 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in the form of Atlantic International Entertainment, Ltd. US Shares. The offer is conditioned on AIEA acquiring at least 51% of the ordinary shares and options of Coms21, there being no material adverse change, certain other conditions including the shareholders of Coms21 at a special general meeting held before the close of the offer agreeing to extend the exercise date for Coms21 at 13 cents June 1998 options to September 30, 1998. AIEA will issue between $23,000,000 (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) to a maximum of $45,000,000 (USD) of AIEE U.S. stock dependent upon the number of shares acquired and the percentage of the acquisition. Coms21 is a developer of Interactive Gaming & Wagering Products, Cashless Gaming Systems and Smart Card Identification Technology. The company has commercial contracts including The New South Wales New South Wales, state (1991 pop. 5,164,549), 309,443 sq mi (801,457 sq km), SE Australia. It is bounded on the E by the Pacific Ocean. Sydney is the capital. The other principal urban centers are Newcastle, Wagga Wagga, Lismore, Wollongong, and Broken Hill. & The New Zealand TAB for its gaming and wagering products and The Peoples Insurance Company of China utilizing the patented smart card hand held reader. AIEA will formally submit its offer to the ASX and Coms21 management next week. 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 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 Iamunno stated that, "The successful acquisition of Coms21 will help the company reach its objective of providing the established Gaming & Wagering industry a major global interactive technology and content provider. The Coms21 product line has strong synergies with the current Atlantic line of products in both Interactive and Internet Gaming & Wagering. The smart card technologies of Coms21 could gain additional distribution channels through our U.S. and South African Information Technologies division. Coms21 will give AIE a strong presence in the world's most sophisticated gaming market along with a bridge to the emerging Asian markets. We intend to work closely with Coms21 management to maximize the distribution of all our products initially in the Americas, South African and Australian markets. With this proposed acquisition and the recent major investment and partnership with HCI in South Africa, the established gaming and wagering community will now have access to leading edge Interactive and Internet products along with a strong global infrastructure to support the implementation of these new products." HCI has purchased 1,000,000 shares for $4,000,000 (USD) on April 30, 1998. The Principle shareholders in HCI, a $650,000,000 Investment Company, are the Mine Workers Investment Company and the South African Clothing & Textile Workers Union. 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). -0- 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: Atlantic International Entertainment, Ltd. Richard Iaumunno, President & CEO Telephone: (561) 393-6685 Fax: (561) 393-1485 |
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