Cybergames, Inc. Signs Contract to Sell Paradice Casino.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)--August 3, 1999-- Cybergames, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CYGA) is pleased to announce that it has signed a contract to sell its Paradice Casino in San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. . A deposit has been paid and turnover will be on or before October 31, 1999. The price was $600,000 U.S.D. This leaves Cybergames with two hotel-based casinos in Costa Rica. One additional casino is under contract of sale as well. "Our future concentration will be on our Internet operations, for our "Super 6" game, our Bingo and Keno charity games, and in the further development of several full service casino Internet sites," Mr. Mori A. Schweitzer, President, stated. He added, "redirecting our resources towards Internet gaming should produce substantially higher revenue and profit for the Company. Our local and Internet customer credibility is in having at least one Costa Rican resort based casino, and that is where we are headed. With the sale of our two casinos, we believe that we can better manage, expand in size and increase revenue and profitability in a single operation. This direction will also give us the necessary capital to grow our Internet operation". Cybergames owns and operates two hotel-based casinos in Costa Rica: one cyber (1) From "cybernetics," it is a prefix attached to everyday words to add a computer, electronic or online connotation. The term is similar to "virtual," but the latter is used more frequently. See virtual. casino based in the Dominican Republic Dominican Republic (dəmĭn`ĭkən), republic (2005 est. pop. 8,950,000), 18,700 sq mi (48,442 sq km), West Indies, on the eastern two thirds of the island of Hispaniola. The capital and largest city is Santo Domingo. (in partnership) and one Internet casino based in Costa Rica. In addition, they are developing four Internet cyber casinos to be based in Dominica, Costa Rica and Dominican Republic. Cybergames will also be operating two major charity Bingo and Keno games benefiting the Red Cross of the Americas, Children's Cancer Institute, Make a Wish Foundation, and Drug Rehab Centers in Costa Rica. Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to risks and uncertainties that can cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the various Regulatory Authorities having jurisdiction. |
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