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Search Our Archive of Gaming Articles Inc. Names New President

6 December 2002

VANCOUVER, British Columbia--(Press Release)-- Inc. (OTCBB:ABET) announced today that the company has undergone a recent management change reflecting the mandate of the board of directors to ensure the company continues with its direction to become a leading internet lottery and gaming portal.

The board of directors recently appointed Mr. John Buddo as President and as a director of the company. Mr. Buddo is an experienced executive whose career has primarily been involved in technology infrastructure, online gaming and the management of application service model internet based companies.

Additionally, the board of directors has appointed Mr. Mark Glusing as a director of the company. Mr. Glusing has a strong background in international business management and finance and until recently was a director and the Chief Operating Officer of Immune Network Ltd., a publicly traded biotech company. Mr. Glusing is currently a director of FITaccess Technologies Inc., AbNovo Pharma Inc. and is a former director of BC Research Inc.

As previously announced, Inc. has undertaken to become a fully reporting issuer and has been addressing the latest comments as put forth by the SEC with respect to the filing of a Form - 10SB. The amended filing of the Form - 10SB incorporating the items raised by the SEC is expected to be complete before the end of the 1st Quarter, 2003.

The company is presently exploring its options with respect to financing in order to ensure sufficient working capital is available for the launch of its software licensing program in 2003. Financing may be concluded on the basis of debt, equity or a combination thereof.

In relation to software development, Inc. is in the final stages of its beta testing, taking into consideration all the items raised by the testing team and the general public who have accessed the prototype lottery at the company's internet domain,

On the basis that the beta testing and analysis will be completed shortly, the company immediately plans to explore joint venture, collaborative and other opportunities with strategic partners which may include government jurisdictions. Local governments generally manage lotteries in their respective jurisdictions and Inc. plans to determine the viability of mutually beneficial relationships with regulatory bodies which tend to be proactive in online gaming. Inc. is a Vancouver based company developing a proprietary online lottery system which provides players with instantaneous results in relation to the six numbers they have selected. Players of traditional lotteries must wait until the scheduled draw of the numbers in order to determine whether or not they have selected winning numbers. The system allows players to win instantly. Inc. plans to license the software to pre-qualified purchasers and anticipates revenue streams from both the initial licensing fees and on going royalties. It is anticipated that a potential niche market for the company will be government regulated lotteries seeking to capitalize on the growing market of online gaming through the introduction of an instant lottery system. As an example of the estimated market size for lotteries worldwide, overall revenues generated by EEC based lotteries exceed approximately 35 Billion U.S. dollars annually of which the UK segment represents approximately 7.9 Billion U.S. dollars annually.

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