Cybergames Acquires Third Age, Inc. Assets For Internet Gaming Clearing Facility.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)--March 31, 1999--Cybergames Inc. (OTC/BB CYGA) announced today that it has completed another step in its march toward fully integrating its operations. One of its affiliates, in which it has a minority interest, Sisternas de Comercio Internet, S.A. (SCI (Scalable Coherent Interface) An IEEE standard for a high-speed bus that uses wire or fiber-optic cable. It can transfer data up to 1GBytes/sec. (hardware) SCI - 1. Scalable Coherent Interface. 2. UART. ), has recently agreed to purchase the entire back-office management operation of Third Age, Inc., located in Dominica. Third Age currently provides "end-to-end" services for casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. operators who wish to establish an Internet presence. The services include licensing, hosting, software implementation, cyber-casino management, credit card clearing, and accounting. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mori Schweitzer, President of Cybergames, "This purchase is a winner for both SCI and us. They are already familiar with the same casino software we have at our other sites hosted by SCI. This will make the transition almost transparent and bring us on-line that much sooner. Third Age's operation brings expanded opportunity and more capability to our system as we generate our presence." Third Age will be operated as an independent profit center for SCI, which is about to launch its unique integrated hosting, telephone support and credit card clearing system. In addition, Cybergames will transfer certain assets and contracts it purchased from Atlantic International Entertainment, Ltd. last fall as part of this transaction. As part of its ongoing capital commitment to SCI, Cybergames will contribute to SCI a maximum of 35,000 of its common shares for the purchased assets of Third Age. In addition, Third Age will be advanced no less than $125,000 for licenses and working capital. Statements contained in this press release that are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as that item 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 Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities having jurisdiction. |
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