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CathayOnline Inc. to Acquire On-line Lottery Kiosks in China21 May 1999The Board of Directors of CathayOnline Inc., an Internet service provider and e-business company, received confirmation this week to proceed with the acquisition of its first on-line lottery kiosks in China. The company says that it intends to consolidate the industry through the acquisition of existing local vendors that are already profitable and operating. It has targeted the city of Guangzhou as the location of the project's launching. The acquisition of approximately 200 electronic lottery kiosks is expected during the first phase of operations. A company representative is reportedly in China negotiating the acquisition of several on-line lottery kiosks for the initial acquisition. The company says it is negotiating a private placement that will enable it to accelerate the acquisitions of the kiosks. All lotteries in China today are government regulated and sanctioned. |