International Thunderbird; Revenue Share Agreement for 2,000 Gaming Machines in Central America.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Sept. 16, 1997-- International Thunderbird thunderbird In North American Indian mythology, a powerful spirit in the form of a bird that watered the earth and made vegetation grow. Lightning was believed to flash from its eyes or beak, and the beating of its wings was thought to represent rolling thunder. (VSE See DOS/VSE. VSE - Virtual Storage Extended , TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : INB INB Inbound INB Internal Network Bus INB Intranodal Buffer INB Install Busy INB Input Buffer Control Block .) International Thunderbird Gaming Corporation (TSE & VSE: INB) is pleased to announce that it has entered into a letter agreement with Public Gaming Research Institute Inc. (PGR PGR Project Gotham Racing (game) PGR Procuraduría General de la República (Mexico) PGR Patriot Guard Riders (national motorcycle group based in Centennial, CO) ), and its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Institute for the Lotteries of Latin America and the Caribbean (ILAC ILAC International Laboratory Accreditation Cooperation ILAC International Laboratory Accreditation Conference ILAC Institute for Latin American Concern ILAC In-Line Amplifier Card ILAC International Association of Lactation Consultants ), to supply and manage 2,000 video gaming machines for gaming facilities in Central America. PGR, through ILAC, their agents and subsidiaries have been issued a license to operate gaming establishments and PGR has selected International Thunderbird Gaming Corporation to supply an initial 2,000 video gaming machines on a revenue sharing revenue sharing Funding arrangement in which one government unit grants a portion of its tax income to another government unit. For example, provinces or states may share revenue with local governments, or national governments may share revenue with provinces or states. arrangement for five years. After the installation of the 2,000 gaming machines, International Thunderbird may supply additional machines to ILAC. In addition to receiving a percentage of the net wins from the gaming machines, International Thunderbird will also receive a percentage of the net profits from the video gaming operations as a management fee. The Company will contribute funds to finance the operations and is currently undertaking leasehold improvements in a major five star hotel, which will receive the initial shipment of 300 Thunderbird video gaming machines. This opportunity would result in an additional source of long term revenue for International Thunderbird. Currently, International Thunderbird has over 2,900 gaming machines in North America on revenue sharing arrangements that generated over $21 million in revenues for the Company last year. This is a progessive step forward in the Company's goal to expand into the worldwide marketplace as a manager of casino operations and a supplier of gaming products. International Thunderbird Gaming Corporation, one of the few Canadian gaming companies, generated revenues of more than $35 million in its third year of operations ended December 31, 1996. The Company has a proven track record of developing quality casinos and delivering innovative gaming products. International Thunderbird is a manufacturer, supplier and manager of gaming terminals, systems and products to casinos worldwide. On behalf of the Board of Directors Hari B. Varshney, Co-Chairman CONTACT: International Thunderbird Gaming Corporation Alan E. Schneider, 604/ 687-2255 or 1-800-914-8462 http://www.intltbird.com e-mail: alans@intltbird.com |
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