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Global Entertainment Holdings/Equities Inc., Miami Interactive Gaming & Wagering

Discussion in 'Casino Industry Discussion' started by mary, Aug 2, 2002.

  1. mary

    mary Dormant account

    Tuesday July 23, 12:20 pm Eastern Time
    Press Release
    SOURCE: Global Entertainment Holdings/Equities, Inc.
    Global Entertainment Holdings' Subsidiary Interactive Gaming & Wagering Announces a Horsebook Licensing Relationship With VIPSPORTS
    New Horsebook Site Brought to Market
    MIAMI--(BUSINESS WIRE)--July 23, 2002-- Global Entertainment Holdings/Equities, Inc. (OTCBB:GAMM - News; You must register/login in order to see the link.) Global Entertainment today announced that its subsidiary, Interactive Gaming and Wagering (IGW), has entered into an agreement to launch an on-line Horsebook site for its licensee, You must register/login in order to see the link.. The new site is You must register/login in order to see the link..

    This site, which emphasizes the excitement of Horse Racing, compliments the other Sportsbook and Casino offerings currently in place at You must register/login in order to see the link. and offers another opportunity to experience on-line gaming at its finest.

    The principals of You must register/login in order to see the link. have substantial experience in the area of online gaming and marketing dating back to 1997. After substantial product research to source the best integrated online Horsebook, IGW was selected. "As with our successful sportsbook and casino products, we have selected Interactive Gaming and Wagering as the software provider for this new online horse betting website You must register/login in order to see the link.. This relationship will ensure our customers receive the best online gaming experience available, as well as high quality racing content and the customer service they have come to expect from us over the last 5 years," comments Alistair Assheton, Managing Director of VIPSPORTS.

    Bryan Abboud, President at IGW notes: "Our Horsebook software is our newest product release and is already producing results for our licensees. IGW now has one of the broadest spectrums of gaming products but we aren't stopping here. Our goal is to provide our licensees the opportunity to offer to their customers the best gaming experience in the industry through the launch of new, complimentary, fully integrated websites. We strive to exceed our licensees expectations in our product releases."

    Alistair Assheton of You must register/login in order to see the link. states: "Our business has grown rapidly since we started out in 1997, due to our insistence on excellence in customer service, but also to our long standing relationship with IGW. We look forward to another successful launch of IGW gaming software. With the addition of IGW's Horsebook, we can provide one of the most robust gaming sites in the industry."

    Notes to Editors:

    You must register/login in order to see the link. has been online as a licensed sportsbook since 1997, and today encompasses an online casino, as well as other added features such as a player loyalty reward program and innovative webmaster payment program. The business has grown into a multi-million dollar venture and enjoys player participation from over 100 countries around the world. It is headquartered in Curacao, Netherlands Antilles and is licensed and regulated by that government to conduct online gaming business.

    Global Entertainment Holdings/Equities, Inc. (OTCBB:GAMM - News), is a leading publicly traded holding company that provides business development support and administrative assistance for technology-driven subsidiaries that license, develop and host Internet software applications and operate web publishing sites in the online gaming sector.

    Safe Harbor Statement

    Some statements in this release are forward-looking and are subject to certain risks and uncertainties, including, but not limited to, economic conditions, competition, changes in laws, and the demand for the company's goods and services, which could significantly affect anticipated future results. Actual results may differ materially from any forward-looking statements.

    You must register/login in order to see the link. You must register/login in order to see the link. You must register/login in order to see the link. You must register/login in order to see the link. You must register/login in order to see the link.



    --------------------------------------------------------------------------------
    Contact:

    Global Entertainment Holdings/Equities Inc., Miami
    Jonathan Shatz, 305/374-2036 or 888/777-4266
    This email is not visible to you.
     
  2. mary

    mary Dormant account

    Tuesday July 23, 5:52 pm Eastern Time
    Press Release
    SOURCE: VIPsports.com
    VIP Sports Announces Launch of New Interactive Horse Betting Site
    WILLEMSTAD, Curacao, July 23 /PRNewswire/ -- VIP Sports today announces the successful launch of a brand new interactive horse betting site offering full card daily thoroughbred racing. You must register/login in order to see the link., as the site is called, offers a wide variety of thoroughbred tracks -- and is launched to coincide with Opening Day at both Delmar and Saratoga racetracks tomorrow July 24.

    "We are delighted to offer this innovative new betting site to all our players -- old and new -- and we are sure they will love the huge quantity of real time news and content we have incorporated into the site," said Alistair Assheton, General Manager of VIP.

    The site has been created using the new Horsebook system from software supplier Interactive Gaming and Wagering (IGW), a wholly owned subsidiary of Global Entertainment (NASD OTC BB: GAMM).

    The web site incorporates live track information including scratches, current lines, and a wealth of horse racing news stories. Generous bonus promotions and giveaways are planned to launch the site to the horse racing public in the coming weeks.

    Bryan Abboud, President at IGW, notes, "Our Horsebook software is our newest product release and is already producing results for our licensees. IGW now has one of the broadest spectrums of gaming products but we aren't stopping here. Our goal is to provide our licensees the opportunity to offer to their customers the best gaming experience in the industry through the launch of new complimentary, fully integrated websites. We strive to exceed our licensees' expectations in our product releases."

    Assheton states, "We are pleased to have received another successful launch of IGW gaming software. With the addition of IGW's Horsebook, we can provide one of the most robust suites of gaming sites in the industry."

    Find out more at You must register/login in order to see the link. or call 1-800-606-3576

    About VIPsports.com

    VIPsports.com is located in Curacao and offers online betting and casino gaming under a legal gaming license. Since 1997 the company has grown widely and now has customers in 89 countries around the world. Find out more at You must register/login in order to see the link. or call 1-800-606-3576.

    About Global Entertainment Holdings/Equities, Inc.

    Global Entertainment Holdings/Equities, Inc. (OTC BB: GAMM) is a leading publicly traded holding company that provides business development support and administrative assistance for technology-driven subsidiaries that license, develop and host Internet software applications and operate web publishing sites in the online gaming sector. You must register/login in order to see the link.

    SOURCE: VIPsports.com
     
  3. mary

    mary Dormant account

    Related Quote
    GAMM.OB 0.32 0.00
    delayed 20 mins - disclaimer
    Quote Data provided by Reuters



    Wednesday August 14, 12:19 pm Eastern Time
    Press Release
    SOURCE: Global Entertainment Holdings/Equities, Inc.
    Global Entertainment Holdings Announces Second Quarter Results With 66% Revenue Growth
    Strong Growth in Royalties and Marketing Services Fuels Continued Investment in Technology
    MIAMI--(BUSINESS WIRE)--Aug. 14, 2002-- Global Entertainment Holdings/Equities, Inc. (OTCBB:GAMM - News; You must register/login in order to see the link.), a holding company in the online gaming sector, today announced second quarter results with revenue growth of 66% driven by its online gaming software subsidiary, Interactive Gaming & Wagering (IGW), relative to the same quarter last year. ADVERTISEMENT




    Revenues grew to $1,159,863 for the quarter ended June 30, 2002 as compared to $697,586 for the three months ended June 30, 2001. 66% of revenue is attributable to software royalties, which increased 36% year-on-year. The company also saw major growth in special projects revenue, which accounts for 16% of revenues and grew by 569% to $185,763.

    Gross profit margins for the period, increased to $786,793 from $584,086, a 34% increase.

    Global Entertainment CEO Bryan Abboud stated: "Global is making headway to becoming a significant player in the online gaming software industry as reflected in our financials. With an enhanced cash position, decreasing receivables and more new business this quarter, we will achieve our most profitable year in 2002."

    Earnings before Interest, taxes, depreciation & amortization (EBITDA) were positive at $6,407 for the 3 month period ended June 30, 2002 compared to a negative EBITDA for the three month period ended June 30, 2001 of $(265,068), a 102% increase.

    For the six months ended June 30, 2002, EBITDA was $340,092, compared to $45,659 for the six month period ended June 30, 2001, a 644% increase.

    Although the quarterly net loss was $(355,966), 90% of the figure is due to depreciation and amortization -- both non-cash items. This depreciation expense is consistent with the company's strategy to invest in technology in order to lay the foundation for sustained growth. The net loss improved 36% from the quarter ended June 30, 2001, which was $(558,178).

    For the three months ended June 30, 2002, operating expenses decreased to $780,386 from $849,154 for the quarter ended June 30, 2001, an 8% decrease. This was due to the absence of the Prevail write-off this year compared to last year. The company also reduced its investment in external investor relations programs as it evaluates its strategy in this area.

    Along with the growth, the company was able to continue to increase investment in hardware technology and software development. For the first six months of 2002, investment activities were $610,730 compared to $243,192 for the six months ended June 30, 2001, a 151% increase.

    Prevail, the gaming portal subsidiary, is still under recovery in a tough market for online advertising dollars. For the quarter ended June 30, 2002, Prevail generated revenues of $20,250. The sites are being redesigned and being optimized for better search engine positioning.

    Global Entertainment's cash position remains positive despite the cyclically low second quarter period. The company saw an improvement it its accounts receivable. On June 30, 2002, accounts receivable decreased $367,362 to $1,033,923 or 26%, from $1,401,285 as of June 30, 2001.

    Net cash generated from operating activities for the six months ended June 30, 2002 was $1,062,413 as compared to $161,597 for the six months ended June 30, 2001, a 557% improvement. Although cash positive, the company continues to explore outside financing to support future growth plans.

    View 2001 and Q2 2002 Financial Statements at You must register/login in order to see the link.

    Global Entertainment Holdings/Equities, Inc. (OTCBB:GAMM - News), is a leading publicly traded holding company that provides business development support and administrative assistance for technology-driven subsidiaries that license, develop and host Internet software applications and operate web publishing sites in the online gaming sector.

    Safe Harbor Statement

    Some statements in this release are forward-looking and are subject to certain risks and uncertainties, including, but not limited to, economic conditions, competition, changes in laws, and the demand for the company's goods and services, which could significantly affect anticipated future results. Actual results may differ materially from any forward-looking statements.

    You must register/login in order to see the link. You must register/login in order to see the link. You must register/login in order to see the link. You must register/login in order to see the link. You must register/login in order to see the link.



    --------------------------------------------------------------------------------
    Contact:

    Global Entertainment Holdings/Equities Inc., Miami
    Jonathan Shatz, 305/374-2036 or 888/777-4266
    This email is not visible to you.
     
  4. mary

    mary Dormant account

    Press Release Source: Global Entertainment Holdings/Equities Inc.


    Global Entertainment Announces Its Position Regarding An Improperly Called Special Meeting of Shareholders
    Friday September 20, 5:59 pm ET


    MIAMI--(BUSINESS WIRE)--Sept. 20, 2002--Global Entertainment Holdings/Equities Inc. (OTCBB:GAMM - News; You must register/login in order to see the link.; the "Company") announced its position regarding the validity of a special meeting of the Company's shareholders set for October 7, 2002, which was apparently called by a group of its shareholders but later withdrawn by this same group.
    ADVERTISEMENT


    On September 4, 2002, an apparent group of the Company's shareholders attempted to call a special meeting of all the Company's shareholders by setting a record date and a meeting date with Automatic Data Processing, Inc. ("ADP"). ADP normally does not set record and meeting dates at the behest of shareholders, however, the Company believes that ADP was misinformed of the authority of this group to represent the Company. According to state law and the Company's bylaws, only the Company's president or its board of directors are authorized to call a special meeting of its shareholders. Holders of a material amount of shares of the Company's outstanding stock may request that its president or board of directors call a special meeting, but the shareholders have no authority to call a special meeting themselves.

    It is the Company's opinion that the shareholder group did not possess the authority to call this special meeting, which was called within ninety (90) days of the annual shareholders meeting, and was also called for improper business purposes, both of which violate the Company's bylaws.

    In connection with what the Company believes to be an improperly called special meeting, proxy solicitation material was mailed to the Company's holders of record in violation of federal securities laws. In a notice filed September 19 with the Securities and Exchange Commission, this apparent group of the Company's shareholders advised shareholders in receipt of their proxy solicitation material to disregard and discard it, and to take no additional action.

    Bryan Abboud, President and Chief Executive Officer of the Company said, "The notice filed with the SEC reaffirms the Company's position that the October 7 special meeting of shareholders is not a proper meeting because shareholders of the Company have no authority to call special meetings of the shareholders. Although the unauthorized efforts of this group of shareholders have been appropriately halted, the Company unfortunately expects similar actions from such shareholders in the future. We advise our shareholders to take no action unless or until they receive a valid notice of a special meeting of shareholders from the Company accompanied with definitive proxy solicitation materials."

    The Company advises its shareholders to carefully read any definitive proxy solicitation materials that they receive from the Company as such material will contain important information. All definitive proxy solicitation materials and any other relevant documents will be available free of charge at the Securities and Exchange Commission's website, You must register/login in order to see the link.. The identity of the participants in any such solicitation is set forth in the Company's most recent definitive proxy statement as filed with the Securities and Exchange Commission on June 24, 2002 and also available free of charge at the Securities and Exchange Commission's website, You must register/login in order to see the link..

    Notes to Editors:

    Global Entertainment Holdings/Equities, Inc. (OTCBB:GAMM - News) is a leading publicly traded holding company that provides business development support and administrative assistance for technology-driven subsidiaries that license, develop and host Internet software applications and operate web publishing sites in the online gaming sector.

    Safe Harbor Statement

    Some statements in this release are forward-looking and are subject to certain risks and uncertainties, including, but not limited to, economic conditions, competition, changes in laws, and the demand for the company's goods and services, which could significantly affect anticipated future results. Actual results may differ materially from any forward-looking statements.

    You must register/login in order to see the link. You must register/login in order to see the link.



    --------------------------------------------------------------------------------
    Contact:
    Global Entertainment Holdings/Equities Inc., Miami
    Jonathon Shatz, 305/374-2036 or 888/777-4266
    This email is not visible to you.



    --------------------------------------------------------------------------------
    Source: Global Entertainment Holdings/Equities Inc.
     
  5. mary

    mary Dormant account

    Press Release Source: Global Entertainment Holdings/Equities Inc.


    Global Entertainment Holdings' Subsidiary Interactive Gaming & Wagering Announces a Sportsbook Licensing Relationship With - You must register/login in order to see the link.
    Thursday October 24, 2:28 pm ET


    MIAMI--(BUSINESS WIRE)--Oct. 24, 2002--Global Entertainment Holdings/Equities, Inc. (OTCBB:GAMM - News), You must register/login in order to see the link., Global Entertainment today announced that its subsidiary, Interactive Gaming & Wagering (IGW), has established a new licensing relationship and launched an online sportsbook at You must register/login in order to see the link..
    The site was developed and launched in less than one month. SpinnerSports.com's ownership has many years experience in the land-based and online sports gaming and casino industry. After an extensive evaluation of the industry's software providers, SpinnerSports.com found that IGW offered the best combination of features, security, flexibility and customer attraction. Commented Mr. Jay Harwood, Operations Manager for SpinnerSports: "The IGW business model we chose was a perfect fit for our company strategy. By being able to delegate the operations of the site to a service provider, we are able to concentrate on what we do best -- marketing and customer service."

    SpinnerSports.com's goal is to build a company that will earn their customers' respect and trust, and offer one of the best sports wagering sites on the Internet. "We wanted to offer our players a stable gaming platform with state-of-the-art technology and tight security, while at the same time offer a very high quality wagering experience," added Mr. Harwood.

    "As a complete turnkey solution provider, IGW understands there are companies wishing to concentrate all their efforts in marketing their operation, and prefer to leave the day-to-day management to a qualified third party. We partner with the best solutions providers in our industry for the benefit of our clients," states Bryan Abboud, CEO of Global Entertainment and President of IGW.

    Mr. Abboud continues, "IGW has over six years experience supporting the needs of our clients and their customers. With the rapid changes in our industry, we consistently strive to exceed our clients' technical and service expectations. Our level of commitment to quality, and efficiency, directly translates into player attraction. Our clients have some of the best wagering sites on the Internet today."

    Notes to Editors:

    Global Entertainment Holdings/Equities, Inc. (OTCBB:GAMM - News) is a leading publicly traded holding company that provides business development support and administrative assistance for technology-driven subsidiaries that license, develop and host Internet software applications and operate web publishing sites in the online gaming sector.

    Safe Harbor Statement

    Some statements in this release are forward-looking and are subject to certain risks and uncertainties, including, but not limited to, economic conditions, competition, changes in laws, and the demand for the company's goods and services, which could significantly affect anticipated future results. Actual results may differ materially from any forward-looking statements.

    You must register/login in order to see the link. You must register/login in order to see the link. You must register/login in order to see the link.



    --------------------------------------------------------------------------------
    Contact:
    Global Entertainment Holdings/Equities Inc., Miami
    Gilda Kuprian, 305/374-2036 or 888/777-4266
    This email is not visible to you.



    --------------------------------------------------------------------------------
    Source: Global Entertainment Holdings/Equities Inc.

    Press Release Source: Global Entertainment Holdings/Equities Inc.


    Global Entertainment Holdings Announces Third Quarter Results With 72% Revenue Growth
    Wednesday November 13, 11:20 am ET
    Strong Revenue Growth From New Customers Despite Difficult Environment


    MIAMI--(BUSINESS WIRE)--Nov. 13, 2002--Global Entertainment Holdings/Equities, Inc. (OTCBB:GAMM - News; You must register/login in order to see the link.), a holding company in the online gaming sector, today announced third quarter results with revenue growth of 72% driven by its online gaming software subsidiary, IGW Software (IGW), relative to the same quarter last year.
    ADVERTISEMENT


    Revenues grew to $1,462,910 for the quarter ended September 30, 2002 as compared to $849,299 for the quarter ended September 30, 2001. Of this revenue, 65% is attributable to software royalties, which increased 47% year-on-year. The company continued to see major growth in special projects revenue which accounts for 16% of revenues year on year amounting to $295,836 for the quarter.

    Gross profit margins for the period increased to $1,052,520 from $624,069, a 68% increase.

    Global Entertainment CEO, Bryan Abboud, stated: "Although the market conditions are not optimal for the online gaming industry given competition and regulatory pressure, I am pleased with our ability to outperform our competitors. Through continued focus on sound management and fundamentals like revenue and profit growth, Global continues to enhance its position as an industry leader."

    Earnings before Interest, taxes, depreciation & amortization (EBITDA) were positive at $171,239 for the 3 month period ended September 30, 2002 compared to a negative EBITDA for the three month period ended September 30, 2001 of $(53,150). For the nine months ended September 30, 2002, EBITDA was $511,653, compared to a negative EBITDA of $(6,181) for the nine month period ended September 30, 2001.

    Quarterly net income was positive for the first time this year at $10,265. The loss for the nine months ended September 30, 2002 was $361,174 which marks a significant decrease from the same period loss last year of $875,887.

    Operating expenses increased less than 50% relative to revenue growth. Total operating expenses for the quarter ended September 30, 2002 were $881,281, compared to $677,219 for the same period last year, a 30% increase. Total operating expenses for the nine months ended September 30, 2002 were $2,392,737, compared to $2,141,137 for the same period last year, a 12% increase.

    Prevail, the gaming portal subsidiary, is still under recovery in a tough market for online advertising dollars. For the quarter ended September 30, 2002, Prevail generated revenues of $23,500, compared to $43,894 for the quarter ended September 30, 2001.

    Although liquidity has been tight for the quarter, the company has been able to continue financing operations through internally generated cash-flow. In addition, the company reduced short-term debt by $475,614 so far this year. The company also decreased overall accounts receivable (both long term and short term) by $594,386 for the nine months ended September 30, 2002. Net cash generated from operating activities for the nine months ended September 30, 2002 was $1,268,648, compared to $514,217 for nine months ended September 30, 2001, a 47% improvement. The company continues to explore outside financing to support future growth plans.

    View 2001 and Q2 2002 Financial Statements at You must register/login in order to see the link.

    Global Entertainment Holdings/Equities, Inc. (OTCBB:GAMM - News), is a leading publicly traded holding company that provides business development support and administrative assistance for technology-driven subsidiaries that license, develop and host Internet software applications and operate web publishing sites in the online gaming sector.

    Safe Harbor Statement

    Some statements in this release are forward-looking and are subject to certain risks and uncertainties, including, but not limited to, economic conditions, competition, changes in laws, and the demand for the company's goods and services, which could significantly affect anticipated future results. Actual results may differ materially from any forward-looking statements.

    You must register/login in order to see the link. You must register/login in order to see the link. You must register/login in order to see the link. You must register/login in order to see the link. You must register/login in order to see the link. You must register/login in order to see the link. You must register/login in order to see the link.



    --------------------------------------------------------------------------------
    Contact:
    Global Entertainment Holdings/Equities Inc., Miami
    Jonathan Shatz, 305/374-2036 or 888/777-4266
    This email is not visible to you.



    --------------------------------------------------------------------------------
    Source: Global Entertainment Holdings/Equities Inc.
     
  6. mary

    mary Dormant account

    A profitable quarter!

    You must register/login in order to see the link.


    PART 1 FINANCIAL INFORMATION

    ITEM 1. Financial Statements.

    As used herein, the term "Company" refers to Global Entertainment
    Holdings/Equities Inc., and its subsidiaries and predecessors, unless otherwise
    indicated. Consolidated, unaudited, condensed interim financial statements
    including a balance sheet for the Company as of the quarter ended September 30,
    2002 and statements of operations and statements of cash flows for the interim
    period up to the date of such balance sheets and the comparable period for the
    preceding period are attached hereto beginning on page F-1 and are incorporated
    herein by this reference.

    The consolidated financial statements included herein are unaudited but reflect
    in management's opinion, all adjustments, consisting only of normal recurring
    adjustments that are necessary for a fair presentation of the Company's
    financial position and the results of its operations for the interim periods
    presented. Because of the nature of the Company's business, the results of the
    operations for the three-month and nine-month period ended September 30, 2002
    are not necessarily indicative of the results that may be expected for the full
    fiscal year. The financial statements included herein should be read in
    conjunction with the financial statements and notes thereto included in the
    Form 10-KSB for the year ended December 31, 2001.


    3

    >,page<,




    Consolidated Balance Sheets

    September 30, 2002 (Unaudited) and December 31, 2001
    >,table<,
    >,caption<,
    >,s<, >,c<, >,c<,

    September 30, 2002 December 31, 2001
    ------------------- -------------------
    (Unaudited) (Audited)
    ------------------- -------------------
    ASSETS

    Current Assets:
    Cash 15,281 189,091
    Accounts receivable 492,767 1,401,285
    Prepayments 65,513 33,525
    Other Receivables & Prepayments 14,826
    Short Term Notes Receivable 1,204,817 644,303
    --------- ----------
    Total current assets 1,793,204 2,268,204


    Property & Equipment
    Proprietary Software - Net 1,086,898 1,115,465
    Other Software - Net 116,035 94,996
    Office Improvements - Net 13,874 22,198
    Computer Equipment - Net 355,437 220,147
    Furniture & Fixtures - Net 59,357 67,570
    --------- ---------
    Total Property & Equipment 1,631,601 1,520,376


    Long Term assets-Note receivable 116,387 453,669

    Other Assets
    Security Deposit 81,203 63,076
    Software Design & Development-Net 15,730 41,764
    -------- ---------
    Total Other Assets 96,933 104,840

    Total Assets 3,638,125 4,347,089
    ========= =========
    >,/table<,



    F-1

    >,page<,



    LIABILITIES & STOCKHOLDERS' EQUITY
    >,table<,
    >,caption<,
    >,s<, >,c<, >,c<,

    September 30, 2002 December 31, 2001
    ------------------ ------------------
    Current Liabilities
    Accounts Payable 327,490 367,286
    Credit card payable 120,030
    Deferred Revenue 78,775
    Payroll Liabilities 17,007 21,549
    Current Portion-Note Payable 604,992 937,369
    Line of Credit 44,852
    Income Tax payable 71,603 62,583
    Amount due Employees 6,719
    -------- --------
    Total Current Liabilities 1,226,616 1,433,639
    --------- ---------
    Long Term Liabilities-Note Payable 0 143,422
    --------- ---------
    Total Liabilities 1,226,616 1,577,061


    Stockholders' Equity

    Preferred Stock: 25,000,000 Shares Authorized at
    $.001 Par Value, None Issued 0 0
    Common Stock: 100,000,000 Shares Authorized Par
    Value of $.001; 10,375,776 & 10,415,772 Shares 10,376 10,682
    Issued and Outstanding Respectively
    Retroactively Restated
    Paid in Capital 3,231,618 3,228,656
    Retained Earnings (Deficit) -383,185 -22,010
    Treasury Stock, at Cost -447,300 -447,300
    Equity 2,411,509 2,770,028
    ---------- ----------
    Total Liabilities & Equity 3,638,125 4,347,089

    >,/table<,


    F-2

    >,page<,



    GLOBAL ENTERTAINMENT HOLDINGS/EQUITIES, INC. & SUBSIDIARIES

    Consolidated Statement of Operations (Unaudited)
    >,table<,
    >,caption<,
    >,s<, >,c<, >,c<, >,c<, >,c<,

    Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
    September 30, 2002 September 30, 2001 September 30, 2002 September 30, 2001

    Revenues

    Royalties 948,623 576,816 2,832,580 1,929,564
    Licensing 114,500 15,000 209,500 50,000
    Marketing 295,836 52,289 678,846 175,938
    Prevail 23,500 63,575 53,450 136,776
    Other 80,451 141,619 280,633 356,860
    --------- --------- ---------- ---------
    Total Revenues 1,462,910 849,299 4,055,009 2,649,138
    --------- --------- ---------- ---------

    Cost of Sales
    Royalties 73,461 95,277 283,001 95,277
    Marketing 258,178 38,613 599,009 124,589
    Prevail Expenses 0 -215 4,755 22,215
    Other 78,751 91,555 263,854 272,101
    ------- ------- -------- -------
    Total cost of Sales 410,390 225,230 1,150,619 514,182

    Gross Profit 1,052,520 624,069 2,904,390 2,134,956

    Operating Expenses
    Personnel costs 568,112 328,199 1,473,778 1,112,064
    Advertising & Marketing 45,020 37,426 129,770 183,646
    Bad Debts 0 57,521 76,074 139,285
    Rent 41,674 26,697 125,359 94,750
    Supplies 14,039 21,489 74,035 46,418
    Communications 31,231 31,306 77,678 74,140
    Professional services 107,809 53,251 246,687 126,505
    Utilities 25,738 24,730 54,192 68,317
    Insurance 21,260 13,093 45,432 35,371
    Finance costs 5,854 4,770 15,236 14,636
    Other 20,544 78,737 74,496 246,005
    -------- -------- --------- ---------
    Total Expenses 881,281 677,219 2,392,737 2,141,137

    EBITDA 171,239 -53,150 511,653 -6,181

    Other Income -61,781 -30,136
    Interest 13,263 25,591 64,908 78,740
    Taxes 1,128 15,449 520
    Depreciation & 208,364 270,555 822,606 790,446
    Amortization ------- ------- ------- -------
    Total Interest, taxes 160,974 296,146 872,827 869,706
    & Depreciation

    Net Profit 10,265 -349,296 -361,174 -875,887

    Basic Earnings Per Share 0.001 -0.034 -0.035 -0.084

    Diluted Earnings per share 0.001 -0.029 -0.030 -0.072
    Weighted Average Shares
    Outstanding 10,375,776 10,418,040 10,375,776 10,418,040
    Weighted Average Shares 12,189,163 12,191,581 12,189,163 12,191,581
    (Fully diluted taking into account options)

    F-3
    >,/table<,


    >,page<,


    >,table<,
    >,caption<,

    GLOBAL ENTERTAINMENT HOLDINGS/EQUITIES, INC & SUBSIDIARIES

    Consolidated Statement of Cash Flows (Unaudited)

    >,s<, >,c<, >,c<,

    Nine Months Ended: September 30, 2002 September 30, 2001
    ------------------ ------------------


    Cash Flows from Operating Activities
    Net Income (Loss) -361,174 -875,887

    Adjustments to Reconcile Net Income (Loss) to

    Net Cash Provided (Used) to Operating Activities:
    Depreciation & Amortization 822,606 790,446
    Write off Uncollectible Fees Receivable 76,074 110,515
    Stock issued for services 20,656
    Provisions for Bad Debt 28,770

    Change in Operating Assets & Liabilities
    (Increase) Decrease in Fees Receivable 858,203 20,952
    (Increase) Decrease in Prepaid Expenses -40,764 -4,590
    (Increase) Decrease in Employee Receivable 15,493 -16,244
    (Increase) Decrease in Accrued Income 0
    (Increase) Decrease in Interest Receivable 0 1,026
    (Increase) Decrease in Notes Receivable S.T. -601,099 -63,429
    (Increase) Decrease in Notes Receivable L.T. 337,282 500,000
    (Increase) Decrease in Security Deposits -18,127 -12,789
    (Decrease) Increase in Accounts Payable 80,234 -21,516
    (Decrease) Increase in Payroll Liabilities -4,542
    (Decrease) Increase in Customer Deposits 78,775
    (Decrease) Increase in Accrued Wages/Expenses 0 27,042
    (Decrease) Increase in Accrued Interest 0 12,816
    (Decrease) Increase in Taxes Payable 25,687 -3,551
    Net Cash Provided (Used in) to Operating Activities 1,268,648 514,217

    Cash Flows from Investing Activities
    Purchase of Fixed Assets -907,797 -585,756
    Net Cash (Used) in Investing Activities -907,797 -585,756

    Cash Flows from Financing Activities
    Increase( Decrease) in Capital Lease Liabilities -34,167
    Increase (Decrease) in Notes Payable -520,651 33,948
    Contributed Capital -14,010

    Net Cash Provided (Used) by Financing Activities -534,661 -219

    Increase (Decrease) in Cash & Cash Equivalents -173,810 -71,758

    Cash & Cash Equivalents at Beginning of Period 189,091 164,455
    Cash & Cash Equivalents at End of Period 15,281 92,697

    Supplemental Information

    Interest Paid
    For the Three months ended September 30, 2002, interest paid was $13,263. For
    the Nine months ended September 30, 2002, interest paid was $64,908

    >,/table<,



    F-4

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    GLOBAL ENTERTAINMENT HOLDINGS/EQUITIES, INC.

    NOTES TO FINANCIAL STATEMENTS

    SEPTEMBER 30, 2002 AND 2001

    (Unaudited)

    NOTE 1 - GENERAL

    The Company was incorporated on July 10, 1997, under the laws of the state of
    Colorado using the name Masadi Resources, Inc. On February 10, 1998, Articles of
    Amendments were filed changing the name to International Beverage Corporation.
    Pursuant to a Merger Agreement dated August 27, 1998, International Beverage
    Corporation merged with Global Entertainment Holdings/Equities, Inc., and
    subsequently the surviving corporation became known as Global Entertainment
    Holdings/Equities, Inc. The purpose of the Company is to engage in any lawful
    act or activity for which corporations may be organized under the laws of the
    state of Colorado.

    Principles of Consolidation

    The Company currently has two wholly owned subsidiaries; Interactive Gaming and
    Wagering NV, (IGW), a Netherlands Antilles Corporation in Curacao, Netherlands
    Antilles, and Prevail Online, Inc., (Prevail), a Colorado corporation. IGW is
    engaged in the conception and creation of computer software programs for the
    gaming and wagering industry. Prevail was purchased in August of 1999 and it is
    engaged in the creation and operation of websites and derives its revenues from
    banner advertising. The accompanying consolidated financial statements include
    the accounts of the Company and its wholly owned subsidiaries. Inter-company
    transactions and balances have been eliminated in consolidation

    NOTE 2 - BASIS OF PRESENTATION

    The unaudited financial statements included herein have been prepared in
    accordance with generally accepted accounting principles for interim financial
    Information and with the instructions to Form 10-QSB and Item 301(b) of
    Regulation S-B. Accordingly, they do not include all of the information and
    footnotes required by generally accepted accounting principles for complete
    financial statements. In the opinion of management, all adjustments (consisting
    of normal recurring accruals) considered necessary for a fair presentation have
    been included. Operating results for the three and nine months ended September
    30, 2002 and 2001 are not necessarily indicative of the results that may be, or
    may have been expected for the years ended December 31, 2002 and 2001. The
    December 31, 2001 balance sheet was derived from audited financial statements,
    but does not include all disclosures required by generally accepted accounting
    principles.

    Certain information and note disclosures normally included in financial
    statements prepared in accordance with generally accepted accounting principles
    have been condensed or omitted pursuant to such rules and regulations relating
    to interim consolidated financial statements. For further information, the
    statements should be read in conjunction with the financial statements and notes
    thereto included in the Company's registration statement on Form 10-KSB.

    F-5

    >,page<,



    Shares of common stock issued by the Company for other than cash have been
    assigned an amount equivalent to the fair value of the service or assets
    received in exchange.

    Start-up and organization costs are recorded in accordance with the provisions
    of Statement of Position 98-5, "Reporting Costs of Start-up Activities" ("SOP
    98-5"). SOP 98-5 requires that the costs of start-up activities, including
    organization costs, be expensed as incurred.

    The Company adopted Financial Accounting Standards (SFAS) No. 128, "Earnings Per
    Share," which simplifies the computation of earnings per share requiring the
    restatement of all prior periods. Basic earnings per share are computed on the
    basis of the weighted average number of common shares outstanding during each
    year. Diluted earnings per share are computed on the basis of the weighted
    average number of common shares and dilutive securities outstanding. Dilutive
    securities having an anti-dilutive effect on diluted earnings per share are
    excluded from the calculation.

    NOTE 3 - COMMITMENTS AND CONTINGENCIES

    The Company, from time to time, may be subject to legal proceedings and claims
    that arise in the ordinary course of its business. Currently, the Company is not
    subject to any legal proceedings or other claims.

    NOTE 4 - COST OF ROYALTIES

    Royalty costs are allocated to Royalty Sales in Cost of Sales based on the
    licensing fees paid for software as well as an allocation of Application
    Development Time to maintain royalty arrangements with existing clients.





    F-6

    >,page<,




    ITEM 2. Management's Discussion and Analysis or Plan of Operation

    Forward-Looking Information-General

    This report contains a number of forward-looking statements, which reflect the
    Company's current views with respect to future events and financial performance
    including statements regarding the Company's projections, and the interactive
    gaming industry. These forward-looking statements are subject to certain risks
    and uncertainties that could cause actual results to differ materially from
    historical results or those anticipated. In this report, the words
    "anticipates", "believes", "expects", "intends", "future", "plans", "targets"
    and similar expressions identify forward-looking statements. Readers are
    cautioned to not place undue reliance on the forward-looking statements
    contained herein, which speak only as of the date hereof. The Company makes no
    obligation to publicly revise these forward-looking statements, to reflect
    events or circumstances that may arise after the date hereof.

    Additionally, these statements are based on certain assumptions that may prove
    to be erroneous and are subject to certain risks including, but not limited to,
    the Company's dependence on limited cash resources, and its dependence on
    certain key personnel within the Company. Accordingly, actual results may
    differ, possibly materially, from the predictions contained herein.

    General Background of the Company

    The Company generates operating revenues exclusively from its wholly owned
    subsidiaries, IGW and Prevail. IGW and Prevail currently generate revenues from
    three (3) primary sources:

    (i) Licensing fees,
    (ii) Royalties and advertising fees, and
    (iii) Marketing service fees.

    The Company intends to implement its business strategy by:

    (1) Continuing to enhance and improve its technology;
    (2) Seeking sales with unidentified companies that
    (a) Are in the Internet/Technology/Software based industries,
    (b) Are financially stable, and (c) Have a seasoned management team.
    (3) Developing brand name recognition through marketing.

    Results of Operations

    Revenues for the quarter ended September 30, 2002 increased 72% to $1,462,910 as
    compared to $849,299 for the quarter ended September 30, 2001.

    Revenues for the nine months ended September 30, 2002 increased 53% to
    $4,055,009 compared to $2,649,138 for the nine months ended September 30, 2001.

    4

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    The reasons for the increase in quarterly revenues are threefold:

    1. royalty revenue increased 64% from $576,816 to $948,623
    2. marketing services activities increased substantially from $52,289
    to $295,836 and
    3. software licensing fees increased from $15,000 to $114,500.

    The Company announced several new customer relationships during the quarter
    including the following:

    o In July, 2002, IGW's new horse betting software was released at
    betgameday.com.
    o In July, 2002, a new licensing relationship was announced with
    Global Internet Corporation (GIC) to provide an on line casino,
    sports book, horse book and a call center.
    o In September 2002, a new licensing relationship with Teltrade
    International NV to launch an on line casino site at
    CasinoClubVegas.com, providing single access to an on line casino
    and sports book.

    Prevail continues to re-position its business model, moving away from purchasing
    pay-per-click traffic which is no longer cost efficient. The sites are still
    being redesigned and optimized for search engine positioning. It is unknown how
    this positioning will affect the Company.

    Cost of goods sold for the three months ended September 30, 2002 were $410,390
    compared to $225,230 for the three months ended September 30, 2001. This
    increase of $185,160, or 82%, is in line with the revenue growth the Company is
    experiencing. Cost of goods sold for the nine months ended September 30, 2002
    were $2,904,390 compared to $2,134,956 for the nine months ended September 30,
    2001. This increase of $769,434 or 36% also follows the growth pattern of the
    Company.

    Operating expenses for the three months ended September 30, 2002 were $881,281
    compared to $677,219 for the three months ended September 30, 2001. This
    increase of $204,062 or 30% is well within line with the overall revenue
    increase of 72% between the two quarters. Most of this increase is due to an
    increase in personnel costs of 73% from $328,199 for the three months ended
    September 30, 2001 to $568,112 for the three months ended September 30, 2002.

    However, for the nine months ended September 30, 2002, personnel costs were
    $1,473, 778 compared to $1,112,064 for the nine months ended September 30, 2001,
    an increase of 33%, well below the overall increase in revenues of 53%. Overall,
    the number of employees increased from 31 in the third quarter of 2001 to 46 in
    the third quarter of 2002, a 48% increase.

    Professional costs for the three months ended September 30, 2002, were $107,809,
    compared to $3,428 for the three months ended September 30, 2001. The increase
    is due to a variety of reasons. The Company engaged new litigation counsel in
    the third quarter, which has required more to bring them up to speed. The
    Company also required legal advice in reference to a dispute with a group of
    shareholders who attempted to improperly call a special shareholder meeting in
    an attempt to secure a change in the composition of the Board.

    Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) increased
    to a positive $171,239 for the quarter ended September 30, 2002 from a net loss
    of $53,150 for the quarter ended September 30, 2001, a significant increase of
    $224,389.

    5

    >,page<,





    EBITDA for the nine months ended September 30, 2002 increased to a positive
    $511,653 from a net loss of $6,181 for the nine months ended September 30, 2001,
    an increase of $517,834.

    The Company made a net profit of $10,265 for the third quarter ended September
    30, 2002 compared to a net loss of $349,296 for the quarter ended September 30,
    2001, an increase of $359,561. The quarter ended September 30, 2002 was the
    Company's first profitable quarter for 2002.

    For the nine months ended September 30, 2002, the Company's net loss also
    improved, to $361,174 from a net loss of $ 875,887 for the nine months ended
    September 30, 2001, an improvement of $514,713 or 59%.

    The Company believes its existing products and aggressive marketing strategy
    will continue to expand its markets and attract new licensees.

    The Company expects IGW licensing revenue growth to expand as more new operators
    are established. Additionally, IGW's royalties from existing Licensees' are
    expected to continue to increase.


    Liquidity & Capital Resources

    Cash Balances

    Although the cash balance as of September 30, 2002 is $15,281, compared to
    $189,091 on December 31, 2001, the ratio of current assets to current
    liabilities as of September 30, 2002 remains relatively consistent at 1.48
    compared to 1.58 as of December 31,2001. The Company actively manages its
    accounts receivables and payables and has been able to continue operations
    without increasing debt. Cash balances do fluctuate, particularly with the
    seasonality of the business. Typically, as sports seasons go into high gear in
    the third quarter, a disproportionate amount of cash flow is generated late in
    the third quarter and early in the fourth quarter. The balance as of September
    30, 2002 is just after the Company had settled its monthly obligations.

    Cash flows from operations have been sufficient to finance the company's
    activities, although liquidity has been tight as certain debts have become due
    and been redeemed (see notes payable below). Although the Company has
    historically been able to finance operations through internal operations and
    private debt financing, as more of this debt becomes due, it may be necessary to
    seek external funding..

    Short term notes receivable

    Short term notes receivable increased from $644,303 on December 31, 2001 to
    $1,204, 817 on September 30, 2002. The increase is mainly due to the
    re-classification of trade receivables for IGW's largest customer into short
    term notes receivable ($649,000) and long term notes receivable ($116,000).

    Long term notes receivable

    Long term notes receivable decreased from $453,669 at December 31, 2001 to
    $116,387 at September 30, 2002. The decrease is due to the timely re-payment
    from IGW's largest client at the rate of $50,000 per month (see explanation
    above).

    6

    >,page<,



    For the first nine months of 2002, the Company eliminated $520,651 of borrowings
    without replacing these borrowings with new debt. The Company continues to
    explore different sources of capital to help meet the challenges presented by
    the seasonality of the business, as well as to support future growth.

    The majority of the receivables are from operating licensees, who have a 30-day
    term agreement for royalties.

    Three licensees accounted for 58% of IGW Royalty in the third quarter. Recently,
    $765,000 of the indebtedness from one of these licensees was converted to a note
    receivable, which is being paid in a timely fashion.

    Current Portion Notes Payable

    Current portion of notes payable decreased from $937,369 on December 31, 2002 to
    $604,992 on September 30, 2002. This is due to the fact that the loans of seven
    debt-holders totaling $208,614 were repaid in full. A further $267,000 was also
    partially redeemed with other debt holders during the period.

    Net cash provided by operating activities for the nine months ended September
    30, 2002 increased to $1,268,648, compared to net cash provided by operating
    activities for the nine months ended September 30, 2001 of $514,217. This
    increase is primarily due to an overall reduction in accounts receivable, broken
    down as follows:

    Decrease in account receivable 858,203
    Increase in short term note receivable (601,099)
    Decrease in long term note receivable 337,282
    --------
    Total Decrease in Account Receivable $594,386

    The increase in net cash provided by operating activities enabled the Company to
    internally increase its investment in fixed assets.

    Fixed Assets

    Investment in fixed assets for the nine months ended September 30, 2002, totaled
    $907,797, as compared to $585,756 for the first nine months of 2001, an increase
    of $322,041 or 55%. This increase can be classified as follows:

    Capitalization of proprietary Software $500,502
    Purchase of computer Equipment $324,285
    Purchases of furniture $35,682
    --------
    Total $907,797

    ITEM 3. Controls and Procedures.

    Within the 90 days prior to the date of this report, the Company carried out an
    evaluation, under the supervision and with the participation of the Company's
    management, including the Company's Chief Executive Officer and Chief Financial
    Officer, of the effectiveness of the design and operation of the Company's
    disclosure controls and procedures pursuant to Exchange Act Rule 13a-14. Based
    upon that evaluation, the Company's Chief Executive Officer and Chief Financial
    Officer concluded that the Company's disclosure controls and procedures are
    effective in timely alerting them to material information relating to the
    Company (including its

    7

    >,page<,



    consolidated subsidiaries) required to be included in the Company's periodic SEC
    filings. There have been no significant changes in the Company's internal
    controls or in other factors which could significantly affect internal controls
    subsequent to the date the Company conducted its evaluation.


    PART II - OTHER INFORMATION

    ITEM 6. EXHIBITS & REPORTS ON FORM 8-K

    1. Exhibits required to be attached by Item 601 of Regulation S-B are
    listed in the Index to Exhibits beginning on page 14 of this Form
    10-QSB, which is incorporated herein by reference.

    2. A Form 8-K was filed on September 25, 2002 to report an amendment
    to the Company's bylaws.

    8

    >,page<,


    SIGNATURES

    Pursuant to the requirements of Section 13 or 15(d) of the Securities
    Exchange Act of 1934, as amended, the Registrant has duly caused this Quarterly
    Report on Form 10-QSB to be executed on its behalf by the undersigned, hereunto
    duly authorized.

    Global Entertainment Holdings/Equities, Inc.

    Jonathan Shatz

    /s/ Jonathan Shatz
    ---------------------------------
    Jonathan Shatz, CFO


    November 8, 2002


    9

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    CERTIFICATIONS

    Certification Pursuant to 18 USC, Section 1350, as Adopted Pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002.

    In connection with the Quarterly Report of Global Entertainment
    Holdings/Equities, Inc. (the "Company") on Form 10- QSB for the quarter ended
    September 30, 2002 (the "Report"), as filed with the Securities and Exchange
    Commission, on the date hereof (the "Report), the undersigned, Bryan Abboud,
    Chief Executive Officer of the Company, hereby certifies, pursuant to 18 USC
    1350, as adopted pursuant to 18 U.S.C, Section 1350, that:

    (1) The Report fully complies with the requirements of Section 13(a) or
    15(d) of the Securities Exchange Act of 1934 and

    (2) The information contained in the Report fairly presents, in all
    material respects, the financial condition and results of operations of the
    Company.

    /s/ Bryan Abboud
    Dated: November 8, 2002 _________________________
    Bryan Abboud
    Chief Executive Officer


    10

    >,page<,


    CERTIFICATIONS

    I, Bryan Abboud, Chief Executive Officer of
    Global Entertainment Holdings/Equities, Inc.(the "Company"), certify that:

    1. I have reviewed this quarterly report on Form 10-QSB of the Company;

    2. Based on my knowledge, this quarterly report does not contain any
    untrue statement of
    a material fact or omit to state a material fact necessary to make the
    statements made, in light of the circumstances under which such statements were
    made, not misleading with respect to the period covered by this quarterly
    report;

    3. Based on my knowledge, the financial statements, and other financial
    information included in this quarterly report, fairly present in all material
    respects the financial condition, results of operations and cash flows of the
    Company as of, and for, the periods presented in this quarterly report;

    4. The Company's other certifying officers and I are responsible for
    establishing and maintaining disclosure controls and procedures (as defined in
    Exchange Act Rules 13a-14 and 15d-14) for the Company and have:
    a) designed such disclosure controls and procedures to ensure that
    material information relating to the Company, including its consolidated
    subsidiaries, is made known to us by others within those entities, particularly
    during the period in which this quarterly report is being prepared;
    b) evaluated the effectiveness of the Company's disclosure controls and
    procedures as of a date within 90 days prior to the filing date of this
    quarterly report (the "Evaluation Date"); and
    c) presented in this quarterly report our conclusions about the
    effectiveness of the disclosure controls and procedures based on our evaluation
    as of the Evaluation Date;

    5. The Company's other certifying officers and I have disclosed, based on
    our most recent evaluation, to the Company's auditors and the audit committee of
    Company's board of directors (or persons performing the equivalent functions):
    a) all significant deficiencies in the design or operation of internal
    controls which could adversely affect the Company's ability to record, process,
    summarize and report financial data and have identified for the Company's
    auditors any material weaknesses in internal controls; and
    b) any fraud, whether or not material, that involves management or other
    employees who have a significant role in the Company's internal controls; and

    6. The Company's other certifying officers and I have indicated in this
    quarterly report whether or not there were significant changes in internal
    controls or in other factors that could significantly affect internal controls
    subsequent to the date of our most recent evaluation, including any corrective
    actions with regard to significant deficiencies and material weaknesses.

    Date: November 8, 2002

    /s/ Bryan Abboud
    -------------------------------
    Bryan Abboud, Chief Executive Officer

    11

    >,page<,


    CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
    AS ADOPTED PURSUANT TO
    SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

    In connection with the quarterly report on Form 10-QSB of Global
    Entertainment Holdings/Equities, Inc. (the "Company") for the period ended
    September 30, 2002 as filed with the Securities and Exchange Commission on the
    date hereof (the "Report"), the undersigned, Jonathan Shatz, Chief Financial
    Officer of the Company, hereby certifies, pursuant to 18 U.S.C. section 1350,
    that:

    (1) the Report fully complies with the requirements of Section 13(a) or
    15(d) of the Securities Exchange Act of 1934; and

    (2) the information contained in the Report fairly presents, in all
    material respects, the financial condition and results of operations of the
    Company.

    /s/ Jonathan Shatz
    Dated: November 8, 2002 ______________________________
    Jonathan Shatz
    Chief Financial Officer

    12

    >,page<,


    CERTIFICATIONS

    I, Jonathan Shatz, Chief Financial Officer of
    Global Entertainment Holdings/Equities, Inc.(the "Company"), certify that:

    1. I have reviewed this quarterly report on Form 10-QSB of the Company;

    2. Based on my knowledge, this quarterly report does not contain any
    untrue statement of a material fact or omit to state a material fact necessary
    to make the statements made, in light of the circumstances under which such
    statements were made, not misleading with respect to the period covered by this
    quarterly report;

    3. Based on my knowledge, the financial statements, and other financial
    information included in this quarterly report, fairly present in all material
    respects the financial condition, results of operations and cash flows of the
    Company as of, and for, the periods presented in this quarterly report;

    4. The Company's other certifying officers and I are responsible for
    establishing and maintaining disclosure controls and procedures (as defined in
    Exchange Act Rules 13a-14 and 15d-14) for the Company and have:
    a) designed such disclosure controls and procedures to ensure that
    material information relating to the Company, including its consolidated
    subsidiaries, is made known to us by others within those entities, particularly
    during the period in which this quarterly report is being prepared;
    b) evaluated the effectiveness of the Company's disclosure controls and
    procedures as of a date within 90 days prior to the filing date of this
    quarterly report (the "Evaluation Date"); and
    c) presented in this quarterly report our conclusions about the
    effectiveness of the disclosure controls and procedures based on our evaluation
    as of the Evaluation Date;

    5. The Company's other certifying officers and I have disclosed, based on
    our most recent evaluation, to the Company's auditors and the audit committee of
    Company's board of directors (or persons performing the equivalent functions):
    a) all significant deficiencies in the design or operation of internal
    controls which could adversely affect the Company's ability to record, process,
    summarize and report financial data and have identified for the Company's
    auditors any material weaknesses in internal controls; and
    b) any fraud, whether or not material, that involves management or other
    employees who have a significant role in the Company's internal controls; and

    6. The Company's other certifying officers and I have indicated in this
    quarterly report whether or not there were significant changes in internal
    controls or in other factors that could significantly affect internal controls
    subsequent to the date of our most recent evaluation, including any corrective
    actions with regard to significant deficiencies and material weaknesses.

    Date: November 8, 2002

    /s/ Jonathan Shatz
    -------------------------------
    Jonathan Shatz, Chief Financial Officer




    13

    >,page<,


    INDEX TO EXHIBITS

    EXHIBIT PAGE
    NO. NO. DESCRIPTION

    3.1 * Articles of Incorporation.

    3.2 * Bylaws.


    *Exhibits marked with an asterisk have been filed previously with the Commission
    and are incorporated herein by reference.

    14
     

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