ISWI Makes Announcement.
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)--April 17, 2002
Interactive Systems Worldwide Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SmallCap: ISWI ISWI International Student Week in Ilmenau (Germany) ) revealed that in a press release issued on April 12, 2002, ISWI inadvertently indicated that KirchSport held a controlling interest controlling interest
The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Global Interactive Gaming Ltd ("GIG"), ISWI's exclusive licensee, and that KirchSport had not filed for insolvency protection in Germany.
In fact, the controlling interest in GIG is held by Prisma iVentures, which is owned by KirchMedia. KirchMedia has filed for insolvency protection in Germany.
ISWI and GIG are continuing to discuss possible transactions related to the future relationship between ISWI and GIG in the event that The Kirch Group does not fulfill its commitment to continue funding GIG through the year 2002. The use of the money in the 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 set up under the License Agreement with GIG, together with existing resources, could be used to continue the combined operations For the department of the British War Office during World War II, see .
In the military, combined operations are operations conducted by forces of two or more allied nations acting together for the accomplishment of a single mission. See also
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.
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 Kirch Group will fulfill its commitments to continue to fund GIG; whether GIG will continue to have the funds to pay the minimum license fees under the GIG License Agreements; what the consequences of the failure of The Kirch Group to continue to fund GIG could be to ISWI; whether commercial use of the SportXction(TM) System by GIG will begin in 2002; whether ISWI and GIG will come to an agreement to permit continued operations of both companies and if so, the length of time that the cash resources will last. 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, 2001.