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Boss Media Reports Q3 Report7 November 2000STOCKHOLM, Sweden--(Press Release)--Nov. 7, 2000--The Group Boss Media AB (publ) is one of the leading providers of turnkey solutions for casino operations on the Internet. Potential licensees are offered a customized client-server system, an integrated payment system and the maintenance and administration services necessary for the daily operation of an Internet casino. In addition, the wholly owned subsidiary Boss Casinos Ltd owns the license for the Internet casino Gold Club Casino, which makes it possible to evaluate the gaming experience, user friendliness and technology in a real environment and reallife conditions. Unless otherwise stated, the following information is for the group as a whole. Sales and market conditions The demand for the company's products continues to be strong, especially from major land-based gaming operations. A total of 20 (5) license agreements were signed during the period. At the time of this report the company had sold a total of 34 licensed casinos, of which 22 have been delivered. During the third quarter Boss Media signed its first agreement with a land-based casino corporation. Boss Media also announced that the company had signed a letter-of-intent to create a joint venture company with the two Malaysian companies Dijaya Corporation Berhad and PalmGold Corporation Sdn Bhd. Through the creation of the joint venture company, the companies aim to aggressively develop and promote online casino operations in the Asian market by pooling their respective resources. During the third quarter, additional efforts have been made in casino.com, which long term goal is to develop a world-class portal within the gaming industry. There are currently ten employees dedicated to this project, and this number will gradually increase. This venture is not expected to generate any significant revenues this year. Net sales and result: The Group's net sales for the period amounted to SEK 128.8 (65.8) million, up 96 percent on the same period last year. The total number of sold licensed casinos at the end of the period were 34 (10). Six licenses were taken up as an income according to the principles of gradual profit recognition. Income from seven licenses sold at the end of the period were not recorded since work on these contracts had not commenced prior to the closing day. The income from the sale of licenses amounted to SEK 34.1 (12.7) million and the number of profit-generating licenses amounted to 13.8 (5.3). The royalty income amounted to SEK 41.8 (18.7) million. The income from Gold Club Casino amounted to SEK 37.8 (26.3) million. |