VirtGame Appoints Conway Downing to Lead its Lottery Initiative.Business Editors SAN DIEGO--(BUSINESS WIRE)--March 23, 2004 VirtGame Corp., (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:VGTI VGTI Vaccine and Gene Therapy Institute (Beaverton, OR) .OB - News), a provider of innovative server-based software solutions to the regulated gaming and lottery industries, announced today the appointment of Conway Downing, Jr. as Director - Public Lottery. The Public Lottery market is comprised of gaming products, venues, operations and systems sponsored or operated by state, tribal or national governments. Mr. Downing will lead the company's efforts in deploying its software products and technology in lotteries, enabling them to use new telecommunication channels as an additional outlet from which they may sell their existing products in a secure environment to provide convenience for their customers. "It is time for lotteries to step up to the technology plate and use the efficiency, ubiquity Ubiquity See also Omnipresence. Burma-Shave their signs seen as “verses of the wayside throughout America.” [Am. Commerce and Folklore: Misc. and security of new telecommunication technologies to provide the type and level of service and convenience expected by today's techno-savvy consumers", said Downing. "Lotteries are lagging behind other segments of the leisure and entertainment industry as more and more consumers purchase travel and hotel accommodations, as well as movie, theater, concert and sporting event tickets using new technology methods such as the Internet. VirtGame's state-wide web technology provides a closed loop network for jurisdictional distribution of lottery products. VirtGame has already deployed a suite of closed loop products in the highly regulated and security conscious casino environment that not only provides enhanced player convenience and satisfaction, but also increases casino efficiency while reducing costs. "Our robust and secure software platforms being used in the casino industry can also assist lotteries in eliminating the technology and consumer satisfaction and convenience advantage enjoyed by other sellers and marketers in the leisure and entertainment industry" adds Bruce Merati, VirtGame's 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. . "We are pleased to have Conway on our team to lead our marketing and sales efforts in the lottery industry", Merati added. "He brings a unique blend of experience, vision, energy and relationships to VirtGame from a career on both the lottery and casino sides of the industry dating back to 1987. Moreover, his 'on-the-ground' experience in the lottery industry, coupled with his legal background and leadership of his own casino gaming licensed service firm, make him keenly aware of the importance of issues relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc security, probity PROBITY. Justice, honesty. A man of probity is one who loves justice and honesty, and who dislikes the contrary. Wolff, Dr. de la Nat. Sec. 772. and integrity. All of these factors combine to make him extremely well suited to promote our products that have already passed muster in the highly monitored and regulated casino business, to potential clients in the lottery industry". Mr. Downing founded and organized Ascendx Holdings, Inc. in 1987, (then known as GOVA, Inc.), which for thirteen years provided field service maintenance, centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. terminal bench repair and retail agent training to several state lotteries as well as major lottery equipment vendors. As a casino key qualifier in connection with his equity position in Ascendx Holdings, Inc., which has maintained a Casino Services Industry (gaming related) license since 1999, he has also provided a variety of products and services to the casino industry, and also heads the gaming and leisure industry practice of Mattox Woolfolk, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a Washington, DC government relations and public affairs Those public information, command information, and community relations activities directed toward both the external and internal publics with interest in the Department of Defense. Also called PA. See also command information; community relations; public information. firm. A member of the Virginia State Bar since 1974 and of the International Association of Gaming Attorneys (IAGA IAGA International Association of Geomagnetism and Aeronomy IAGA International Association of Golf Administrators IAGA Iowa Amputee Golf Association ), Mr. Downing graduated from Phillips Academy Phillips Academy, at Andover, Mass.; college preparatory boarding and day school; opened 1778, chartered 1780 by Samuel Phillips. Founded for boys, it is the oldest incorporated academy in the United States and has served as the model for many later schools. , Andover and has an A.B. degree from Harvard College Harvard College is the undergraduate section and oldest school of Harvard University, founded in 1636 by the Massachusetts Legislature. The College is instructed by the Faculty of Arts and Sciences, which also instructs the Harvard Graduate School of Arts and Sciences. and a J.D. degree from the University of Virginia School of Law The University of Virginia School of Law was founded in Charlottesville in 1819 by Thomas Jefferson as one of the original subjects taught at his "academical village," the University of Virginia. . About VirtGame Corp. VirtGame Corp. is a provider of innovative server-based networked gaming software solutions to the Gaming and Lottery industries. The Company has built the VirtGame SP(TM), a comprehensive, scalable and customizable gaming platform. VirtGame's server-based products, when used in combination, and individually, create greater efficiencies, reduce costs, and increase revenues for regulated casinos and lottery operations. For more information, please visit www.virtgame.com or contact Bruce Merati at (858) 373-5001. 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. Statement The statements contained in this press release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements, without limitation, regarding our expectations, beliefs, intentions or strategies regarding the future. We intend that such forward-looking statements be subject to the safe-harbor provided by 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 relate to, among other things: (1) expected revenue and earnings growth; (2) estimates regarding the size and our penetration of target markets; (3) adequacy of available working capital. These statements are qualified by important factors that could cause our actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) our receipt of adequate working capital as required, (2) our auditors' qualification of their report on our financial statements as to doubts about our going concern, (3) the early stage of development of the market for software for the regulated gaming industry, (4) lack of market acceptance to date for the Company's products and services, (5) our receipt of nominal revenues to date, (6) our continuing losses from operations to date, and (7) federal and state regulation of our business. These forward-looking statements are made as of the date of this release, and the company assumes no obligation to update such forward-looking statements. Refer to the company's Form 10-KSB for the year ended December 31, 2002 filed with the Securities and Exchange Commission for more information, as well as, other filings including the company's Form 10-QSB quarterly reports. |
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