DOVE CANYON, Calif., Jan. 12, 2006 (PRIMEZONE) -- BICO, Inc. (OTCBB:BIKO) is pleased to announce the signing of a letter of intent to acquire Vegas Wireless Entertainment (see www.vegaswirelessent.com). Vegas Wireless Entertainment specializes in the creation and distribution of mobile entertainment software products. "This business combination represents an opportunity to improve BICO shareholder value and represents the type of solution BICO's management and board of directors were seeking to identify," observed Richard Greenwood, President and CEO of BICO. With this acquisition BICO will be poised to take advantage of the rapidly emerging market of mobile online gaming products which will allow a global audience, regardless of service provider or handset manufacturer, to download and play a wide variety of popular casino style games, as well as participate in mobile lotteries and sports betting. These games currently include Poker, Blackjack, Roulette and Slots. Vegas Wireless Entertainment has created a gaming solution which seamlessly embeds a payment processing solution to facilitate real time game play and wagering.
In addition, Vegas Wireless Entertainment is planning on launching a "white label" B2B product which will allow over 1800 worldwide online casinos a cost effective software solution to offer play on wireless handsets, without the need for their own development and IT staff. Chris Feges, President of Vegas Wireless Entertainment stated, "We are extremely excited by this opportunity. According to a recent General Accounting Office Report (GAO), online gaming is generating over $5 billion in revenues. With the growth of the wireless gaming market, we feel that Vegas Wireless Entertainment is poised to become a market leader". Under the terms of this transaction, Vegas Wireless shareholders will be issued shares representing 80% of the outstanding shares of BICO calculated on a fully diluted basis.
The acquisition is expected to close shortly.
This news release includes comments that may be deemed forward-looking within the meaning of the safe harbor provisions of the U.S. Federal Securities Laws. These include, among other things, statements about expectations of future events, revenues, sales of products and performance. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to complete the transactions, which remain subject to a due diligence review by both parties, obtaining any regulatory approvals, having necessary financing in time to meet contractual obligations, develop appropriate strategic alliances, raise working capital, successful development and implementation of technology, acceptance of the company's products and services, build a functional infrastructure, and other such risks as the company may identify and discuss from time to time, including those risks disclosed in the company's current and future filings with the Securities and Exchange Commission. Accordingly, there is no certainty that the company's plans will be achieved.