SAN DIEGO, February 18, 2004 - VirtGame Corp., (OTCBB:VGTI), a provider of innovative server-based software solutions to the regulated gaming and lottery industries, announced today that its PrimeLine(tm) Sports Bet Express (SBX), the first sports route in Nevada, has begun beta testing.
Bally's Las Vegas will host the field trial of the SBX system for a period of at least 30 days. The Nevada Gaming Board requires a beta test of new gaming systems before a system can receive final approvals. Under Nevada account wagering laws, players have to first physically open an account with a casino, provide proof of age and Nevada residency, and after funding their account they can then place a wager remotely through their established account from bar and tavern locations in Las Vegas.
SBX, based on VirtGame's proprietary PrimeLine(tm) SportsBook software, is distributed by United Coin Machine Company, the largest slot route operator in Nevada. To be commercially launched upon final regulatory approval, SBX is a closed-loop network that enables sports book wagering through terminals placed in participating Nevada bars and taverns. SBX is designed to allow customers of any Las Vegas casino to access their sports wagering accounts through this network of terminals, thus extending the brand reach of participating casinos
Bruce Merati, VirtGame's CEO added, "We are very excited to have reached the final beta test phase for approval of our PrimeLine(tm) SBX."
About VirtGame Corp.
VirtGame Corp. is a provider of innovative server-based networked gaming software solutions to the Gaming and Lottery industries. The Company has built the VirtGame SP(tm), a comprehensive, scalable and customizable gaming platform. VirtGame's server-based products, when used in combination, and individually, create greater efficiencies, reduce costs, and increase revenues for regulated casinos and lottery operations. For more information, please visit www.virtgame.com or contact Bruce Merati at (858) 373-5001 or bmerati@virtgame.com, or Laurel Moody at Sky Investor Relations at 212-440-5000 or laurel@skyir.com for more information.
Safe Harbor Statement
The statements contained in this press release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements, without limitation, regarding our expectations, beliefs, intentions or strategies regarding the future. We intend that such forward-looking statements be subject to the safe-harbor provided by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, among other things: (1) expected revenue and earnings growth; (2) estimates regarding the size and our penetration of target markets; (3) adequacy of available working capital. These statements are qualified by important factors that could cause our actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) our receipt of adequate working capital as required, (2) our auditors' qualification of their report on our financial statements as to doubts about our going concern, (3) the early stage of development of the market for software for the regulated gaming industry, (4) lack of market acceptance to date for the Company's products and services, (5) our receipt of nominal revenues to date, (6) our continuing losses from operations to date, and (7) federal and state regulation of our business. These forward-looking statements are made as of the date of this release, and the company assumes no obligation to update such forward-looking statements. Refer to the company's Form 10-KSB for the year ended December 31, 2002 filed with the Securities and Exchange Commission for more information, as well as, other filings including the company's Form 10-QSB quarterly reports.