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GMEI Exclusively Licenses Its Online Gambling Software
Gaming & Entertainment Group, Inc, a leading provider of online
gaming software and advanced server-based gaming systems and
downloadable games, today announced that it has entered into definitive
agreements with Cantor G&W (Nevada), L.P. (Cantor) that provides
long-term financing and creates a strategic worldwide partnership.
The transaction with Cantor provides GMEI with sufficient capital to
pursue its planned land-based and Internet initiatives and will allow
management to focus solely on developing the business. GMEI has been
engaged to develop software for Cantor’s online casino, which will be
hosted in Alderney in the British Isles. GMEI has received approval from
the Alderney Gambling Control Commission.
Cantor required a software partner that had not participated in
accepting online wagers from players in the United States. GMEI
satisfies this stringent requirement. It is anticipated that the Cantor
casino will go live in 2005, and upon its successful deployment, it is
anticipated that GMEI will develop additional online gaming sites for
white-label clients of the GMEI/Cantor business. In each instance, GMEI
will receive development fees and recurring royalties.
GMEI is aggressively pursuing the placement of fixed-odds betting
terminals (FOBTs) and gaming machines in the United Kingdom and in
several other markets around the world through direct sales and existing
distribution networks. Management of GMEI intends to explore several new
gaming markets in order to commercialize its server-based gaming system
and to achieve continuous development, enhancement and distribution of
all of its proprietary gaming software products, which are anticipated
to create significant revenue in the future.
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