Casinolive.com Corp. Says Recent New York Court Ruling Will Not Adversely Affect Its Operations.SALAMANCA, N.Y.--(BUSINESS WIRE)--Aug. 5, 1999-- Casinolive.com Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:YBET) officials stated today that because of its structure and business activities, the Company does not anticipate conflict with any state or federal regulatory agency regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. . The Company's statement came in response to an article in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times reporting on the New York State Supreme Court's ruling July 26, 1999, that the State Attorney General's office was within its legal rights when it froze the assets of World Interactive Gaming Corporation, which was alleged to have illegally provided Internet gaming services to New York residents. Ian D. Lambert, Casinolive.com Corp. president and director, stated that, following a comprehensive review of the company's structure and operations with its Washington, DC-based legal counsel, "We believe the company's structure and operations are in full compliance with applicable state and federal laws." Reviewing the company's structure, Lambert noted that: "In April 1999, Casinolive.com Corp. acquired Native Capital Limited, a St. Kitts Noun 1. St. Kitts - the largest of the islands comprising Saint Christopher-Nevis Saint Kitts, St. Christopher, Saint Christopher Federation of Saint Kitts and Nevis, Saint Christopher-Nevis, Saint Kitts and Nevis, St. Christopher-Nevis, St. , West Indies West Indies, archipelago, between North and South America, curving c.2,500 mi (4,020 km) from Florida to the coast of Venezuela and separating the Caribbean Sea and the Gulf of Mexico from the Atlantic Ocean. , corporation, to develop and market its Internet entertainment and gaming software products. The company is engaged in the development and licensing of specialized software, in the promotion of Internet sites, and in revenue-producing joint ventures. The actual gaming activities are operated by affiliated corporations. In addition to providing gaming software and services to the world market, Casinolive.com Corp. is developing online entertainment and e-commerce malls, as well as a variety of financial products and services." Casinolive.com's 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. , Native Capital Limited, provides software, management consultation and related services to an associated company associated company associate n → Partnerfirma f associated company n → società collegata , Arrowhead Sports Book Ltd. Through the terms of a licensing agreement, Native Capital Limited receives management and support fees and a separate sublicense fee for the use of its Internet gaming software by Arrowhead. Native Capital's compensation is based on the net revenues of Arrowhead's Internet casino and sports book operations. Arrowhead, founded in 1996 by a St. Kitts resident, obtained a gaming license from the Government of St. Kitts for the operation of an Internet casino and sports book. Recognized worldwide as a pioneer in Internet gaming, all of Arrowhead's gaming operations occur through its data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a facility in St. Kitts. "We believe that the corporate structure of Casinolive.com Corp. and its affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. is in compliance with all applicable laws and regulations," said Ross John, Sr., company chairman 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. . "In addition, we believe that Casinolive.com Corp.'s Native American heritage American Heritage can refer to:
Casinolive.com Corp. Ian D. Lambert, Director For further information, contact: Casinolive.com Corporate Communications: Toll Free: North America 888/350-YBET Toll Free: International: 888/829-YBET. E-mail: casinoybet@yahoo.com or visit www.casinolive.com. Certain statements included in this communication (as well as information revealed in oral statements or other written statements made or to be made by Casinolive.com Corp.) contains statements that are forward looking, such as statements relating to the future anticipated direction of the Internet and gaming industries, plans for future expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth, potential contracts and regulatory intervention. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated. |
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