Global Net Entertainment Corp. Enters Into Letter of Intent.

TORONTO, Ontario--(BUSINESS WIRE)--Nov. 12, 1999--

Mr. Julius Csurgo, Chairman and CEO of Global Net Entertainment Corp., a Vancouver Stock Exchange listed public company, (GET:VSE), today announced that it has entered into a Letter of Intent with Loteria Nacional-Mayor y Menor, an agency of the government of Honduras, to provide 200 retail lottery terminals.

The Letter of Intent requires Global Net Entertainment (Global) to supply, install and support the lottery terminals, central gaming system hardware and software license. Global estimates the costs to deliver the system at US $2,100.000. Global will receive 15% of gross revenue from the system for period of seven years.

Mr. Julius Csurgo states that "this represents an important strategic milestone in the development of the company's South American business involving both tradition retail and online Internet gaming operations".

Mr. Fernando Alv Arenga, principal of Despacho de Abogados works frequently for the Honduras government, and is an advisor to the Central Bank of Honduras and the Honduras Stock Market. Loteria Nacional will be represented by Mr. German Carias, an engineer, who works for Despacho de Abogados. Global will be retaining the services of an international law firm in Honduras to provide legal representation.

Global Net Entertainment Corp. is involved in the retail lottery terminal and print ticket business. In addition, a wholly owned subsidiary, Global Netertainment Corp. is developing an internet online gaming business in St. Kitts.

Shares Issued 8,865,256

For additional information contact: Mr. Scott McDougall 49 Bathurst St., Suite 301 Toronto, Ontario Canada M5P 2P2 Tel: [phone] Fax: [phone] e-mail: [e-mail]