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Inverness Raceway, Horsepower Finalize License Agreement22 September 2004INVERNESS, Nova Scotia -- (PRESS RELEASE) -- Sungold International Holdings Corp. ("Sungold") (OTCBB:SGIHF; Frankfurt: WKN 608164, Berlin) - Sungold International Holdings Corp. (the "Company") announced today that it's wholly owned subsidiary Horsepower Broadcasting Network (HBN) International Ltd. ("HBN") and Inverness Raceway have entered into a five year Horsepower® Authorized Racetrack Affiliate license agreement (A.R.A.). Horsepower® is an exciting progressive pari-mutuel wager that is designed to generate Million dollar+ prizes daily for race fans buying Horsepower tickets at participating racetracks. The proprietary "Quick 6® World Pool" and "Lucky Pick 1" bets give Inverness Raceway two exciting new wagering opportunities and the ability to sell ad space to sponsors on the screens between virtual races that are guaranteed to increase track revenues. The Horsepower® virtual races are shown in real time exclusively on the screens at approved and licensed racetrack affiliates and at their off- track betting centers under license with HBN. Inverness Raceway is one of the province of Nova Scotia's three harness tracks and has conducted live, uninterrupted harness racing programs since 1926. Inverness Raceway is a 1/2- mile track located in Inverness (Cape Breton) and is open year round offering both live and simulcast racing schedules. The track helps to contribute to the province of Nova Scotia's total gaming revenues that were $494.9 million in fiscal 2002-2003. As a non-profit organization where all revenues are returned to the track's horsemen in the form of purses, the management in charge of Inverness Raceway feel that Horsepower® will dramatically increase the track's purses and will attract a new generation of race fans that are seeking regular jackpots and constant action on the Island of Cape Breton. Horsepower® is a real time, progressive, pari-mutuel racing system that has been custom developed for racing and extensively tested to exceed international standards. Horsepower® is available exclusively to licensed racetracks and their licensed off-track betting facilities. HBN is mandated to market pari-mutuel wagering, on racing of all breeds and to aggressively market the Horsepower® brand to increase attendance, wagering and purses at all member tracks. The Horsepower® Quick6® World Pool and the Horsepower® Pick1 random win bets are sold simultaneously at multiple racetracks in strips of ten races to bettors utilizing the tracks' existing tote machines. The Horsepower® virtual races and the Horsepower® $million+ Quick 6® rolling live jackpots are displayed on existing monitors between live races. The Horsepower® Quick6® World Pool bet is a live, progressive, pari-mutuel wager with random odds tested to be approximately 2.1 million to one for the lucky fan picking the first six of fourteen virtual horses in exact order of finish in any Horsepower® virtual race. The Horsepower® system operates in real time, 24x7, on a secure and fully scaleable Sun Microsystems and Cisco environment. Horsepower® may be viewed for fun at www.horsepowerworldpool.com. Visit the Sungold International Holdings Corp. website at: www.sungoldintl.com. Sungold® is a fully reporting public corporation trading as SGIHF-OTC. |