Bear Stearns Lists Starnet as Company to Watch in Profile of Top I-Gaming Companies
Investment Bank Report Highlights Online Gaming As Next Hot Investment Market
ST. JOHNS, Antigua--(BUSINESS WIRE)--Feb. 1, 2000-- Starnet Communications International Inc. (NASD OTC-BB: ``SNMM'') (``Starnet''), an online provider of interactive media and information systems and the recognized leader in Internet gaming, has been named by Bear Stearns & Co. Inc. in its January 2000 report on the gaming industry as a ``Company to Watch''. Wall Street has been quick to recognize the sweeping impact of the Internet upon businesses and markets around the world, resulting in exciting new opportunities for investors. The Bear Stearns study on the gaming industry shows that investment professionals are now beginning to recognize the huge investment potential of yet another industry stimulated by the Internet: online gaming.
Meldon Ellis, president and chief executive officer of Starnet said, ``We are excited that the financial community is beginning to appreciate the investment opportunities in our market and our leadership in I-gaming. The potential of this market is phenomenal; its development inexorable. Gaming is a global industry built on enduring, pervasive and deeply ingrained cultural practices. The Internet is transforming this industry in the same manner as it has countless others, providing tremendous new opportunities to deliver gaming content and services.''
Development of the I-gaming industry has been explosive to date, but is only just beginning. Wall Street now recognizes this. Winners in this new high-growth global industry will be companies like Starnet with proven e-business models that move quickly to capture market share. As the pre-eminent pioneer of I-gaming, Starnet has rapidly built a leading market position through execution of an award-winning business plan and delivery of quality products and services.
Results to date of the company and the potential of this new industry are startling. Starnet is one of the few publicly traded Internet companies that is actually profitable: earnings last year reached $2 million, increasing 173% in Starnet's last quarter on a yearly basis. And the company is growing at an incredible pace: revenues increased 377% last quarter over the same period last year. Analysts estimate that the online gaming market will generate $3 billion in two years, and Starnet is clearly positioned to be the leading player.
As the leader in online gaming, Starnet will continue to benefit from the incredible growth this industry is experiencing. But the company is not content to simply rise with the tide. Starnet is committed to maintaining its leadership and is taking steps to ensure it. With a base of 53 licensees (the largest in the online gaming market) providing a steady stream of income, Starnet is moving aggressively to consolidate its leadership in complementary markets. Additional pari-mutuel and online lotto services will be launched this year to fuel the company's growth.
Ellis added, ``We are also planning strategic acquisitions and alliances that will provide Starnet with the scope and scale needed to dominate I-gaming. Together with our investment bankers Ladenburg Thalmann, we are currently reviewing financing options that will give us the financial strength and flexibility needed to expand our operations and secure continued growth.
``People talk about an Internet Revolution,'' Ellis noted. ``The Internet Revolution is over; we now have an Internet culture, and gaming, one of the oldest cultural practices all over the world, is quickly becoming part of it. Coverage of the I-gaming sector by Wall Street and efforts by land based casinos to enter the market will all create opportunities for Starnet going forward. With an established brand, a strong financial position and a strategic growth plan in place, we look forward to leading industry growth in 2000.''
About Starnet
Starnet is a fully reporting US (Delaware) corporation, which currently trades on the National Association of Security Dealers (``NASD'') Over-The-Counter Bulletin Board. The company began trading in September of 1997 under the symbol ``SNMM''.
Starnet is a leading developer and producer of Internet technologies for gaming applications. For more information, please visit www.snmm.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Starnet's filings with the Securities & Exchange Commission.
Investment Bank Report Highlights Online Gaming As Next Hot Investment Market
ST. JOHNS, Antigua--(BUSINESS WIRE)--Feb. 1, 2000-- Starnet Communications International Inc. (NASD OTC-BB: ``SNMM'') (``Starnet''), an online provider of interactive media and information systems and the recognized leader in Internet gaming, has been named by Bear Stearns & Co. Inc. in its January 2000 report on the gaming industry as a ``Company to Watch''. Wall Street has been quick to recognize the sweeping impact of the Internet upon businesses and markets around the world, resulting in exciting new opportunities for investors. The Bear Stearns study on the gaming industry shows that investment professionals are now beginning to recognize the huge investment potential of yet another industry stimulated by the Internet: online gaming.
Meldon Ellis, president and chief executive officer of Starnet said, ``We are excited that the financial community is beginning to appreciate the investment opportunities in our market and our leadership in I-gaming. The potential of this market is phenomenal; its development inexorable. Gaming is a global industry built on enduring, pervasive and deeply ingrained cultural practices. The Internet is transforming this industry in the same manner as it has countless others, providing tremendous new opportunities to deliver gaming content and services.''
Development of the I-gaming industry has been explosive to date, but is only just beginning. Wall Street now recognizes this. Winners in this new high-growth global industry will be companies like Starnet with proven e-business models that move quickly to capture market share. As the pre-eminent pioneer of I-gaming, Starnet has rapidly built a leading market position through execution of an award-winning business plan and delivery of quality products and services.
Results to date of the company and the potential of this new industry are startling. Starnet is one of the few publicly traded Internet companies that is actually profitable: earnings last year reached $2 million, increasing 173% in Starnet's last quarter on a yearly basis. And the company is growing at an incredible pace: revenues increased 377% last quarter over the same period last year. Analysts estimate that the online gaming market will generate $3 billion in two years, and Starnet is clearly positioned to be the leading player.
As the leader in online gaming, Starnet will continue to benefit from the incredible growth this industry is experiencing. But the company is not content to simply rise with the tide. Starnet is committed to maintaining its leadership and is taking steps to ensure it. With a base of 53 licensees (the largest in the online gaming market) providing a steady stream of income, Starnet is moving aggressively to consolidate its leadership in complementary markets. Additional pari-mutuel and online lotto services will be launched this year to fuel the company's growth.
Ellis added, ``We are also planning strategic acquisitions and alliances that will provide Starnet with the scope and scale needed to dominate I-gaming. Together with our investment bankers Ladenburg Thalmann, we are currently reviewing financing options that will give us the financial strength and flexibility needed to expand our operations and secure continued growth.
``People talk about an Internet Revolution,'' Ellis noted. ``The Internet Revolution is over; we now have an Internet culture, and gaming, one of the oldest cultural practices all over the world, is quickly becoming part of it. Coverage of the I-gaming sector by Wall Street and efforts by land based casinos to enter the market will all create opportunities for Starnet going forward. With an established brand, a strong financial position and a strategic growth plan in place, we look forward to leading industry growth in 2000.''
About Starnet
Starnet is a fully reporting US (Delaware) corporation, which currently trades on the National Association of Security Dealers (``NASD'') Over-The-Counter Bulletin Board. The company began trading in September of 1997 under the symbol ``SNMM''.
Starnet is a leading developer and producer of Internet technologies for gaming applications. For more information, please visit www.snmm.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Starnet's filings with the Securities & Exchange Commission.
