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PlayStar Negotiating Re-Financing14 May 2002ST JOHN'S, Antigua--(Press Release)-- Playstar (OTCBB:PLAYF) is presently negotiating with third parties for the re-financing of its operations, the successful completion of which is vital to PlayStar's continuing operational viability. As such, PlayStar is undergoing a review of its current obligations in an effort to streamline their operations and focus on the company's core business: the operation of PlayStar Casino and the licensing of it's software to third party internet gaming operators. As part of the re-evaluation of it's obligations, the terms and conditions of the existing contractual obligations with Luckybillion, the existence of the 15 Million Ordinary Shares previously issued, the allocated 5 Million options but of a more significant importance, the non dilution of the said shares and options, represent a major barrier to the successful completion of the re-financing negotiations. PlayStar has requested for Luckybillion to cancel and render null and void and of no effect the agreement dated 11th June 2001 and subsequently re-dated 21st December 2001, whereby PlayStar would be the exclusive processing partner for the Luckybillion Online Lottery, in order to free up equity and Luckybillion, in an effort to assist PlayStar in its endeavors, has agreed. This will be completed with immediate effect. |