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Global Entertainment Holdings/Equities Inc

Discussion in 'Casino Industry Discussion' started by mary, Jan 23, 2002.

    Jan 23, 2002
  1. mary

    mary Dormant account

    Tuesday January 22, 2:08 pm Eastern Time
    Press Release
    SOURCE: Global Entertainment Holdings/Equities Inc.
    Global Entertainment Holdings Announces Record Fourth Quarter Revenue -- In Excess of $2 Million
    Global Shows Two Consecutive Years Profit
    MIAMI--(BUSINESS WIRE)--Jan. 22, 2002--Global Entertainment Holdings/Equities Inc. (OTCBB:GAMM - news; www.globalentertainmentinc.com) Tuesday announced record revenue and net income for fourth quarter 2001 of $2,087,000 and $1,040,000.

    This represents more than a 44% increase in revenue and a 445% increase in net income from fourth quarter 2000, according to pre-audited financials.

    Global Entertainment CEO Bryan Abboud commented, ``The results are excellent as they show the strongest quarter ever for Global in terms of revenue and net income. Although Global was faced with traditional cyclicality of sportsbook-based licensing revenue as witnessed by net losses in the first three quarters in 2001, we anticipated to make-up the balance in the fourth quarter and we did. This will be our second consecutive year of profitability.''

    Global income is derived through its wholly owned subsidiaries Interactive Gaming & Wagering, NV (IGW), a software provider for online casino and sportsbook companies, and Prevail Online Inc. (Prevail), a Web publishing company focused on online gaming portals.

    2001 year-end revenue was $4,734,338 as compared to $4,577,423 for 2000. Global will show a marginal profit of $173,168 as compared to a profit of $217,662 for 2000 -- despite expecting a net loss for the year due to investments in organizational structure, product improvements and marketing.

    The financial accomplishments are attributable to a sound corporate strategy created and executed over the past 12 months, which lays the groundwork for substantial growth in 2002.

    In addition, because of new contractual arrangements with one of Global's major clients, cashflow has increased significantly and Global expects to retire short-term debt of $968,564 due this year.

    In 2002, Global's subsidiary IGW plans to increase its focus on marketing and introduce new business models to adapt to emerging customer requirements. This is expected to have a significant impact on new revenue sources. IGW will continue with significant investment in product development both to improve the end-user's entertainment experience and to improve the profitability of clients.

    Global's other subsidiary, Prevail, re-launched its flagship Web site, www.wheretobet.com on Dec. 1, 2001 and is expected to use the re-launch and its long-standing reputation in the industry to return to profitability during 2002.

    As a result of the strategic direction of its subsidiaries, Global expects revenue growth in the range of 30% in 2002 and an increased profit and profit margin for 2002.

    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.

    www.globalentertainmentinc.com
    www.interactive-gaming.com
    www.thesportsdaily.com
    www.netbet.org
    www.wheretobet.com


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

    Global Entertainment Holdings/Equities Inc.
    Bryan Abboud, 305/374-2036 or 888/777-4266
    This email is not visible to you.
     

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