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Senticore cancels pokerbok purchase, opense Lobopoker.com

Discussion in 'Casino Industry Discussion' started by mary, Jun 20, 2005.

    Jun 20, 2005
  1. mary

    mary Dormant account

    Press Release Source: Senticore, Inc.


    Senticore Launches LoboPoker.com
    Friday June 17, 10:18 am ET


    HOLLYWOOD, FL--(MARKET WIRE)--Jun 17, 2005 -- Senticore, Inc. (OTC BB:SNIO.OB - News), a publicly traded holding company has introduced You must register/login in order to see the link. through its newest subsidiary LoboGaming, a gaming software development and licensing company. Senticore has formally terminated its use of the PokerBook brand. In addition, Senticore and Silver Star Capital Investors have mutually agreed to rescind Senticore's former purchase of the controlling interest in PokerBook Gaming Corp. (Other OTC:pOKG.PK - News). Per the terms of the rescission agreement, Silver Star Capital Investors will return to Senticore the full purchase price paid including a reimbursement of expenses borne by the company during the past six months for software development.
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    "After experiencing numerous issues during the beta testing phase of PokerBook's proprietary software package, and spending over six months of development time, we decided it would be best to bring in a proven and tested software solution. The LoboPoker.com software is already operable and will officially be rolled out next week through an aggressive marketing campaign," exclaimed Jay Patel, CEO of Senticore.

    Unwinding our transaction to acquire PokerBook was in the best interests of our shareholders. Due to the loss of time and additional expense still necessary to complete PokerBook's proprietary software, the deal was cost prohibitive and could have resulted in a significant liability and cash drain for Senticore. Instead, shareholders of Senticore now benefit with a greater ownership interest in the new LoboGaming subsidiary at a substantially lower cost resulting in increased shareholder value. "We are very grateful with the folks at PokerBook for allowing both parties to amicably unwind this deal," stated Patel.

    Patel also spoke of offering a stock swap for each shareholder of PokerBook who purchased their shares between December 6, 2004 and June 16, 2005. "We believe shareholders who backed our original dream are entitled to continue to be a part of it. Our legal team must finalize the specific details, but we intend to offer shares in the new company on a share-for-share basis as soon as possible." Shareholders may contact Investor Relations at Senticore to obtain additional information.

    Safe Harbor Statement:

    The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not of historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.



    Contact:
    CONTACT:
    Investor Relations:
    Gilbert Emerson
    (954) 927-0866

    Broker Relations:
    Worldwide Financial Marketing
    (866) 360-9998



    --------------------------------------------------------------------------------
    Source: Senticore, Inc.
     
    Last edited: Jun 20, 2005

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