ISWI'S Partner, GIG, Signs Second Major Interactive TV Betting Service Agreement With ITV Digital.Business Editors WEST PATERSON West Paterson (păt`ərsən), borough (1990 pop. 10,982), Passaic co., NE N.J., a suburb of Paterson; inc. 1914. Electric, electronic, and photographic products are made in the borough. , N.J.--(BUSINESS WIRE)--Sept. 10, 2001 Interactive Systems Worldwide, Inc. (Nasdaq:ISWI ISWI International Student Week in Ilmenau (Germany) ) announced today that its licensee and financial partner, Global Interactive Gaming, Ltd. (GIG), signed its second agreement to develop and launch an interactive wagering product. This agreement is between GIG and ITV (1) See interactive TV. (2) (iTV) The code name for Apple's video media hub (see Apple TV). Digital, a communications provider with an established base of over one million Interactive TV and Internet customers, now offering the world's first commercial digital terrestrial TV platform. The two companies will jointly develop a fully interactive, play-by-play consumer betting product, with a rollout expected for early 2002. The ultimate goal is to extend GIG's service to all of ITV Digital's 1.1 million customers. GIG's interactive wagering product utilizes ISWI's unique, patent protected, SportXction(TM) software platform. The licensing agreements signed in March 2000 between ISWI and GIG, provide to ISWI as license fees, a share of the revenue from all systems utilizing its technology. (for more information see "About ISWI - GIG License Agreements", below.) Barry Mindes, Chairman & 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. of Interactive Systems Worldwide, Inc. stated, "We are extremely pleased that GIG has signed its second development and distribution agreement in the last week, this one with ITV, one of the true pioneers of interactive television. These agreements validate ISWI's decision to partner with one of the leading communications and media groups in the UK. By aligning the SportXction(TM) platform with the leading Digital Television providers, who are committed to developing, marketing and launching timely applications for the iDTV market, we will collectively set the standard for interactive gaming during a sporting event. An early 2002 launch is well timed Adj. 1. well timed - done or happening at the appropriate or proper time; "a timely warning"; "with timely treatment the patient has a good chance of recovery"; "a seasonable time for discussion"; "the book's publication was well timed" to meet an important unfilled need among iDTV subscribers." ITV Active users will be among the first in the UK to enjoy enhanced, on-screen on·screen or on-screen adj. & adv. 1. As shown on a movie, television, or display screen. 2. Within public view; in public. betting action, thanks to GIG's advanced, real-time, screen-based system. This, uniquely, allows wagers to be continually placed on the outcome of defining moments throughout a game--events such as a Fowler penalty, a Rusedski serve, or a crucial over in a cricket Test
The cricket test was a phrase coined by Norman Tebbit in referring to supposedly questionable loyalties of immigrants to the . Unlike other online betting products, GIG's easy-to-use, low-wager, high-frequency betting service has been designed specifically for appeal to a wide consumer audience. It is ideally placed to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the huge potential of the UK iDTV betting market, which is forecast by ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) to be worth (pound)1.4 billion ($2.04 billion US) by 2004. This announcement represents a significant milestone for GIG. ITV Digital is one of the leading iDTV broadcasters in the UK, with a growing customer base of 1.1 million subscribers, many of whom are already well versed Versed® Midazolam Pharmacology A preoperative sedative in TV interactivity--with experience of services such as the enhanced UEFA UEFA Union of European Football Associations UEFA n abbr (= Union of European Football Associations) → U.E.F.A. Champions League and Wimbledon contests. GIG has designed its revolutionary new service for the numerous consumers who admit to placing an occasional wager, but who are not likely to venture into the alien environment of a typical High Street betting shop betting shop Noun (in Britain) a licensed bookmaker's premises not on a racecourse Noun 1. betting shop - a licensed bookmaker's shop that is not at the race track . With nothing more complicated than the remote keyboard of their discrete ITV Active box, plus a connection to an existing phone line, users of GIG's service will be able to easily place bets on almost any kind of live sports event--including the hugely popular UEFA Champions League broadcasts on ITV and ITV Digital. Commenting on behalf of ITV Active, Head of Content Management, Roger Matthews, says: "The launch of ITV Digital genuinely broke new ground in world broadcasting, and brought the benefits of iDTV to a whole new audience. We have been committed to offering a service that combines total quality and flexibility, with ease of use and convenience. Our partnership with GIG will allow us to continue to enhance the ITV Digital proposition by again pioneering new and exciting consumer services Consumer Services refers to the formulation, deformulation, technical consulting and testing of most consumer products, such as food, herbs, beverages, vitamins, pharmaceuticals, cosmetics, hair products, household cleaners, [paints, plastics, metals, waxes, coatings, minerals, for our customers." Comments Cees Zwaard, CEO of GIG Ltd: "We're delighted to be working with ITV Digital. The company is a true leader in iDTV broadcasting and the development of value-added services for its customers. Many broadcasters now realize that their future success will be based upon incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. revenues generated from new, compelling and distinctive services, such as the unique, truly interactive betting service from GIG. "By agreeing to work with GIG and develop our in-run betting product, ITV Digital has again shown that it understands--and will fulfill--its customers expectations and desires. With this announcement, GIG takes a significant step towards becoming the world's leading interactive in-run gaming company on digital entertainment platforms." About ISWI - GIG License Agreements Under the Agreements, signed on March 17, 2000, GIG was granted the exclusive license to market, distribute and use the Company's interactive SportXction(TM) software, technology and patents in which such technology is legally usable, including contests and wagering on sporting events world-wide. Excluded from the licenses are the continued use of the System in Nevada for wagering, and the application of the Company's basic technology and patents to lotteries and financial transactions (i.e., stock, bond, option and currency trading). Under these Agreements, the Company will be paid 25% of the gross profit for the use of its technology for contests or other transactions. For wagering, the Company will be paid the lesser of 25% of the gross profit or 1% of the gross handle. The Company will bear no share of the cost of equipment, facilities or other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. of GIG. These percentage fees are subject to guaranteed minimum annual license fees of $3 million in the first year; $5 million in the second year; and increasing by 20% per year thereafter, for a total minimum of $250 million over the 14 year term of the Agreements, after which the license to GIG is fully paid. At all times the minimum license fee for the next four quarters is kept in a third party escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. account. About SportXction(TM) SportXction(TM) is a patented, real-time, software system, which allows a player to make play-by-play wagers on a sporting event while the event is in progress. Wagering may be conducted while viewing a television broadcast of a sporting event. The wagers offered are mostly oriented to short-term plays, for example, is the next play a run or a pass, is the next pitch a ball or a strike, does the shooter make two foul shots, and many more, including parlays, in most sports. The wagers have odds associated with them, which relate to the probable outcome of the proposition being wagered upon, and the odds are adjusted in real time by proprietary artificial intelligence software to reflect player sentiment, as derived from the betting patterns. The system also supports traditional, pre-game sports wagers. About ITV Digital ITV Digital subscriptions start from (pound)9.99 a month and are subject to status, terms and coverage. ITV Digital is the new brand for ONdigital, the world's first commercial digital terrestrial TV platform, providing digital TV through an aerial, with no dish or cable needed. ITV Digital is jointly owned by Carlton Communications PLC and Granada Media PLC. ITV Active is the new name for ONnet (ITV Digital's internet through your TV service). ITV Active requires connection to a fixed telephone line; the ITV Active box is provided free on loan for as long as a subscription is maintained. The ITV Active service is available at (pound)8 a month ((pound)5 to ITV Digital subscribers) plus call charges. About GIG & Prisma iVentures Global Interactive Gaming Ltd was created in April 2000 as a joint venture between Prisma iVentures Ltd, and Multisports Games Development, Inc (MGDI) of Delaware, USA. Prisma iVentures is a dedicated digital services company 90 percent owned by TaurusSport GmbH. The latter is a wholly-owned subsidiary of KirchMedia GmbH & Co. KgaA, the division of Kirch Group responsible for commercial free-television, license trading, New Media, sport, film and TV production and for film technology. Formed in 1999, Prisma iVentures' mission is to create a portfolio of companies focussing on different aspects of the digital distribution and production of sports content. By identifying and developing added value Added value in financial analysis of shares is to be distinguished from value added. Used as a measure of shareholder value, calculated using the formula:
Prisma iVentures' sister company, KirchSport GmbH, is wholly owned by TaurusSport and manages the broadcasting rights for world-class sports properties such as the 2002 & 2006 FIFA FIFA International Association Football Federation [French Fédération Internationale de Football Association] FIFA n abbr (= Fédération Internationale de Football Association) → FIFA f World Cup(TM) in Europe; the Ice Hockey ice hockey: see hockey, ice. ice hockey Game played on an ice rink by two teams of six players on skates. The object is to drive a puck (a small, hard rubber disk) into the opponents' goal with a hockey stick, thus scoring one point. World Championship; the Wimbledon Tennis Championships and Germany's Bundesliga. KirchSport also markets television, sponsorship and advertising rights for four other European soccer leagues, 11 European national associations and more than 25 football clubs. Through this connection GIG gains access to the vast experience of one of the world's leading sports marketing Sport marketing (or "sports marketing" in the US) (1) the specific application of marketing principles and processes to sport products (e.g., teams, leagues, events, etc.) and (2) the the marketing of non-sports products (e.g., cigarettes, beer, long-distance phone service, etc. organisations. This press release contains "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. " made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of 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 including, but not limited to, whether the interactive betting service will be launched on the projected dates; and whether use if the system will increase ITV Digital's subscriber revenue and the consequences thereof to GIG and the Company.Investors are cautioned that these statements involve risks and uncertainties. Additional risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission, including its Form 10-KSB for the year ended September 30, 2000. For further information about Global Interactive Gaming Ltd, please contact: Cees Zwaard (CEO) or Simon Grieve (COO), Tel. (020) 7663 8950; Email: ceeszwaard@gigltd.com or simongrieve@gigltd.com; Website: http://www.gigltd.com. |
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