STARNET`s Antwort auf Lasvegascasinoklage ! Unbedingt lesen ! - 500 Beiträge pro Seite
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Hallo Hier die vorerst noch in Form eines E-Mails vorliegende Antwort von SNMM auf die Klage von Lasvegas.casino.
**SNMM`S RESPONSE TO BOGUS PRESS RELEASE**
Here`s Starnet`s official response to Las Vegas Casinos (Claude Levy) frivolous press release "claiming" $1 Billion "lawsuit."
********************************
TERMINATION OF AGREEMENT BETWEEN LAS VEGAS CASINO INC.AND SOFTEC SYSTEMS CARIBBEAN INC.
Wilmington, DE, July 27, 1999 - Starnet Communications International Inc. (NASD OTC-BB: "SNMM"
("Starnet" would like to confirm that its wholly-owned subsidiary, Softec Systems Caribbean Inc., ("Softec", terminated its Software License Agreement (the "Agreement" with Las Vegas Casino Inc. ("Las Vegas Casino" because it was in default of its payment obligations for license fees payable to Softec under the Agreement. An outstanding amount of approximately $203,000 for monthly licensing fees has remained unpaid by Las Vegas Casino since May 31, 1999. As a result, Softec terminated the Agreement and all related services on July 23, 1999, and instructed its counsel to commence collection proceedings against Las Vegas Casino.
Las Vegas Casino entered into a Software License Agreement as a licensee of Softec in July 1998. Under the Agreement Softec licensed its interactive gaming software in addition to e-cash processing services to Las Vegas Casino enabling them to operate approximately 70 front-end casinos on the Internet. The Agreement requires the licensee to pay a percentage of its monthly revenues to Softec following the end of each month. Softec has not been paid its licensing fees by Las Vegas Casino since May, 1999. Despite Softec`s continual efforts to rectify the payment situation with Las Vegas Casino and its operator, no resolution was reached. Accordingly, Softec had no choice but to terminate the Agreement. Based on an article published on RGTonline article entitled "Who`s on First" (see:
www.rgtonline.com/newspage/artlisting.cfm/2773),
this is not the first time a gaming software provider has encountered payment problems with the operators of Las Vegas Casino.
Mark Dohlen, CEO of Starnet, states that "this is an unfortunate situation where we have a non-paying licensee who we had no choice but to terminate all services being provided to them under the Agreement. As a result, this operator is issuing statements which have no foundation whatsoever. We have instructed our legal counsel to commence collection
proceedings and we are instructing our counsel to commence defamation proceedings against Las Vegas Casino for statements made against our companies and against officers of our companies".
Mark Dohlen also confirms that none of the allegations by Las Vegas Casino Inc. with respect to the integrity of the system have any foundation whatsoever: "I reiterate that we have not received legal notice of any lawsuits from Las Vegas Casino". As stated by the Chief Operating Office of Venture Tech Inc., OTCBB: VTEH, one of Softec`s licensees, "Venture Tech Inc. and its subsidiaries, remain completely committed to a mutually rewarding relationship with Starnet and we continue to have full confidence in the integrity and capability of its management and staff, with respect to our Asiacasino.com web-site now in full operation. We look forward to the launching of additional web sites in cooperation with Starnet and Softec.
Starnet is a leading developer and producer of Internet technologies for gaming applications. For more information, please visit www.snmm.com.
CONTACT:
Starnet Communications International Inc. M&A West Inc. (Investor Relations)
Mr. Carey Nelson Mr. Jack Rosenberg
Ph: (604) 608-6034 Fax: (604) 684-0391 Ph: (650) 588-2678
North American Toll - 1-888-883-0833 www.mawest.com
Outside N. America - 800-883-88338
Email - ir@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 fillings with the Securities & Exchange Commission.
**SNMM`S RESPONSE TO BOGUS PRESS RELEASE**
Here`s Starnet`s official response to Las Vegas Casinos (Claude Levy) frivolous press release "claiming" $1 Billion "lawsuit."
********************************
TERMINATION OF AGREEMENT BETWEEN LAS VEGAS CASINO INC.AND SOFTEC SYSTEMS CARIBBEAN INC.
Wilmington, DE, July 27, 1999 - Starnet Communications International Inc. (NASD OTC-BB: "SNMM"
("Starnet" would like to confirm that its wholly-owned subsidiary, Softec Systems Caribbean Inc., ("Softec", terminated its Software License Agreement (the "Agreement" with Las Vegas Casino Inc. ("Las Vegas Casino" because it was in default of its payment obligations for license fees payable to Softec under the Agreement. An outstanding amount of approximately $203,000 for monthly licensing fees has remained unpaid by Las Vegas Casino since May 31, 1999. As a result, Softec terminated the Agreement and all related services on July 23, 1999, and instructed its counsel to commence collection proceedings against Las Vegas Casino. Las Vegas Casino entered into a Software License Agreement as a licensee of Softec in July 1998. Under the Agreement Softec licensed its interactive gaming software in addition to e-cash processing services to Las Vegas Casino enabling them to operate approximately 70 front-end casinos on the Internet. The Agreement requires the licensee to pay a percentage of its monthly revenues to Softec following the end of each month. Softec has not been paid its licensing fees by Las Vegas Casino since May, 1999. Despite Softec`s continual efforts to rectify the payment situation with Las Vegas Casino and its operator, no resolution was reached. Accordingly, Softec had no choice but to terminate the Agreement. Based on an article published on RGTonline article entitled "Who`s on First" (see:
www.rgtonline.com/newspage/artlisting.cfm/2773),
this is not the first time a gaming software provider has encountered payment problems with the operators of Las Vegas Casino.
Mark Dohlen, CEO of Starnet, states that "this is an unfortunate situation where we have a non-paying licensee who we had no choice but to terminate all services being provided to them under the Agreement. As a result, this operator is issuing statements which have no foundation whatsoever. We have instructed our legal counsel to commence collection
proceedings and we are instructing our counsel to commence defamation proceedings against Las Vegas Casino for statements made against our companies and against officers of our companies".
Mark Dohlen also confirms that none of the allegations by Las Vegas Casino Inc. with respect to the integrity of the system have any foundation whatsoever: "I reiterate that we have not received legal notice of any lawsuits from Las Vegas Casino". As stated by the Chief Operating Office of Venture Tech Inc., OTCBB: VTEH, one of Softec`s licensees, "Venture Tech Inc. and its subsidiaries, remain completely committed to a mutually rewarding relationship with Starnet and we continue to have full confidence in the integrity and capability of its management and staff, with respect to our Asiacasino.com web-site now in full operation. We look forward to the launching of additional web sites in cooperation with Starnet and Softec.
Starnet is a leading developer and producer of Internet technologies for gaming applications. For more information, please visit www.snmm.com.
CONTACT:
Starnet Communications International Inc. M&A West Inc. (Investor Relations)
Mr. Carey Nelson Mr. Jack Rosenberg
Ph: (604) 608-6034 Fax: (604) 684-0391 Ph: (650) 588-2678
North American Toll - 1-888-883-0833 www.mawest.com
Outside N. America - 800-883-88338
Email - ir@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 fillings with the Securities & Exchange Commission.
vielen lieben Dank für die deutsche Zusammenfassung,für alle diejenigen die
ihre Aktien in Deutschland kaufen!!!
ihre Aktien in Deutschland kaufen!!!
dazu ein Artikel aus Cbs-Marketwatch:
Shooting Starnet!
Starnet Communications is a perennial favorite on Raging Bull`s message boards. A leader in Internet gaming, Starnet (SNMM-BB: news, msgs) was dealt a massive 60 percent blow when word spread that a $1 billion lawsuit was being filed against the company by Las Vegas Casinos. Shares bottomed out before Starnet came out with a news release stating that the company hadn`t been served any papers. At that point, investors began throwing their money back into the stock, causing a significant rebound.
On the day, the bulletin-board stock lost 6 9/16 to end the session at 14 7/16. Its range for the day: 10 to 22 11/16. Posters vented their frustration and support on the boards.
Tallman embraced the manufactured pullback: "(T)his has been, and still is, a fabulous, albeit stressful, buying opportunity you will be sorry to have ignored. I`ve added to my position to an extent I never thought would be possible. Anyone can sue, or in this case publicly state an incomplete, poorly worded, amateurish intent to sue. SNMM has historically handled themselves professionally compared with the best in the blue-chip corporate world I live in. While what is happening is annoying and quite possibly prosecutable against Las Vegas Casino, it will have no meaningful or durable effect." Thevicman also made his message clear: "Longs, if you have done your homework and placed your position, then trust in yourself. It is in times of adversity that the leaders shine. Starnet has weathered many storms (and) there will be many more; they should do fine. To the bashers, slime-ball market manipulators, and shorters ... today you had a field day, long blood runneth over ... so far ... I believe that we will get some of yours soon."
Of course, boards will be boards -- and the SNMM bears, like Sgadd, didn`t exactly shy away. "Hmmm," Sgadd wrote, "I don`t think the lawsuit is the deal here. Frightening was the news that HIGHEST management had admitted in WRITING that they had, and I quote, `Serious problems in many areas, most notably billing and software.` That itself is enough to send any Internet-based stock into a spiral, given the current market situation. Anyone who thinks a report saying `There is no official filing of any lawsuit` is good news is wearing neon-lighted spectacles. Most of you should do yourselves a favor and watch out for the `blah, blahs.` Do you really want to base your investment decisions on 15- to 18-year-olds` predictions based on Internet research and prepubescent fantasies of Microsoft stocks?"
Will investors continue to place their bets on Starnet? We`ll have to wait and see. Although the stock bounced back, it still lopped off more than 30 percent on the day. What if the lawsuit turns out to be legit?
Shooting Starnet!
Starnet Communications is a perennial favorite on Raging Bull`s message boards. A leader in Internet gaming, Starnet (SNMM-BB: news, msgs) was dealt a massive 60 percent blow when word spread that a $1 billion lawsuit was being filed against the company by Las Vegas Casinos. Shares bottomed out before Starnet came out with a news release stating that the company hadn`t been served any papers. At that point, investors began throwing their money back into the stock, causing a significant rebound.
On the day, the bulletin-board stock lost 6 9/16 to end the session at 14 7/16. Its range for the day: 10 to 22 11/16. Posters vented their frustration and support on the boards.
Tallman embraced the manufactured pullback: "(T)his has been, and still is, a fabulous, albeit stressful, buying opportunity you will be sorry to have ignored. I`ve added to my position to an extent I never thought would be possible. Anyone can sue, or in this case publicly state an incomplete, poorly worded, amateurish intent to sue. SNMM has historically handled themselves professionally compared with the best in the blue-chip corporate world I live in. While what is happening is annoying and quite possibly prosecutable against Las Vegas Casino, it will have no meaningful or durable effect." Thevicman also made his message clear: "Longs, if you have done your homework and placed your position, then trust in yourself. It is in times of adversity that the leaders shine. Starnet has weathered many storms (and) there will be many more; they should do fine. To the bashers, slime-ball market manipulators, and shorters ... today you had a field day, long blood runneth over ... so far ... I believe that we will get some of yours soon."
Of course, boards will be boards -- and the SNMM bears, like Sgadd, didn`t exactly shy away. "Hmmm," Sgadd wrote, "I don`t think the lawsuit is the deal here. Frightening was the news that HIGHEST management had admitted in WRITING that they had, and I quote, `Serious problems in many areas, most notably billing and software.` That itself is enough to send any Internet-based stock into a spiral, given the current market situation. Anyone who thinks a report saying `There is no official filing of any lawsuit` is good news is wearing neon-lighted spectacles. Most of you should do yourselves a favor and watch out for the `blah, blahs.` Do you really want to base your investment decisions on 15- to 18-year-olds` predictions based on Internet research and prepubescent fantasies of Microsoft stocks?"
Will investors continue to place their bets on Starnet? We`ll have to wait and see. Although the stock bounced back, it still lopped off more than 30 percent on the day. What if the lawsuit turns out to be legit?
was, wenn du in i-nets investieren willst, dann solltest du auch in einen Englisch-Crash-Kurs investieren...>
Jetz geht es mir schon besser, gute Antwort von Dohlen, daß erklärt wohl alles, außerdem haben Sie noch keine Klage erhalten, ich glaube nicht das irgendeiner von einer klage etwas hört bevor er diese noch nicht mal in den Händen hält.
AUßERDEM: YAHOO ENTFERNTE DEN ARTIKEL VON LAS VEGAS CASINO!!!!!!
warum wohl???
AUßERDEM: YAHOO ENTFERNTE DEN ARTIKEL VON LAS VEGAS CASINO!!!!!!
warum wohl???
Trading Spotlight
Stimmt!!! Der Business-Wire-Artikel, der heute die ganzen Turbulenzen auslöste wurde wirklich wieder entfernt! Ich hoffe, daß diese Art von Manipulierung Konsequenzen nach sich zieht! Keep long on SNMM!
Das beste ist, die Amis lachen sich kaputt, alles nur manipulation, die scheiß Firma zieht´Ihre Klage zurück,
Morgen hoch auf 23 ???
Ich lach mich schlapp!!!!
Hoffentlich bekommen die Pisser Ihr Strafe
Morgen hoch auf 23 ???
Ich lach mich schlapp!!!!
Hoffentlich bekommen die Pisser Ihr Strafe
Morgen kaufen!!!!
>Boards will be boards< ...
Der Satz gefällt mir!
Der heutige Tag war wohl wirklich eine wunderbare Lehrstunde über das Verhalten von OTCB-Stocks - ich denke, wir sollten ihn nicht so schnell bergessen (einige werden das wohl auch aus negativen Gründen nicht
...).
Was wirklich witzig ist: sowohl die `Lawsuit` als auch die Inhalte von Dohlens Antwort wurden die letzten Tage schon ausführlich im RB-Board diskutiert, ohne nennenswerte Reaktionen zu zeigen. Aber es reicht, den Levy-Text öffentlich zu machen, um den Kurs zumindest Intraday auf weniger als die Hälfte zu reduzieren ... soviel zur Macht der Boards.
Auch als ziemlicher Laie auf Rechtsgebieten und wohl immer noch Anfänger in Aktien fällt heute doch einiges auf:
1) Das perfekte Timing der Veröffentlichung des Levy-Texts. Bekannt schon seit ein paar Tagen, kommt er einen Handelstag vor der erwarteten Ergebnisveröffentlichung, wo sowieso schon alle SNMM-Besitzer nervös sind.
2) Mit derart schlechter Software wie im Text beschrieben sollte es wirklich nicht möglich sein, wöchentlich neue Lizenznehmer zu finden - außer diese schauen sich die Sofware vorher überhaupt nicht an bzw. haben sich mit SNMM verschwört, um die Anleger abzuzocken.
3) Der Schreibstil der `Lawsuit`(-Androhung?) ist wirklich nicht so toll.
4) Der Hinweis auf das Internet Gambling Magazine, wo Starnet niedergemacht wird, ist mit dem Wissen, daß jenes Levy gehört, auch als dubios zu betrachten. Und den Schreibstil in ebenjenem will ich jetzt mal gar nicht erwähnen - macht Euch mal selbst ein Bild.
5) Es tauchen sehr viele neue Leute auf, die etwas zu SNMM zu sagen haben - und sei es nur `Ich habe es schon immer gewußt!`, `Wieder 1000000 Shares zu 19,99 bekommen!`, `Ihr seid doch alle $%§&/(` oder auch nur `-40%!`. Sehr informativ
6) Manche alten Leute tauchen dafür auf einmal ab ...
7) Anscheinend ist es wenigen Leuten klar, daß OTCB Aktien ein klitzekleines bißchen mehr gefährlich sind als DAX-Werte und jammern, daß schon wieder x% weg sind ... no risk, no fun! Allerdings ist 100% SNMM vielleicht ein bißchen gewagt - trotzdem viel Glück, falls es denn bei den diesbezüglichen Postern stimmt.
Kurz und gut:
Herrliche Unterhaltung (wenn auch im Moment leider ein bißchen kostspielig ...), wie man sie nur selten bekommt - und lehrreich noch dazu!
Ciao,
Das hoffende Ich
Zahlen, NASDAQ etc., bitte kommen! *bittebittebitte*
Der Satz gefällt mir
!Der heutige Tag war wohl wirklich eine wunderbare Lehrstunde über das Verhalten von OTCB-Stocks - ich denke, wir sollten ihn nicht so schnell bergessen (einige werden das wohl auch aus negativen Gründen nicht
...).Was wirklich witzig ist: sowohl die `Lawsuit` als auch die Inhalte von Dohlens Antwort wurden die letzten Tage schon ausführlich im RB-Board diskutiert, ohne nennenswerte Reaktionen zu zeigen. Aber es reicht, den Levy-Text öffentlich zu machen, um den Kurs zumindest Intraday auf weniger als die Hälfte zu reduzieren ... soviel zur Macht der Boards.
Auch als ziemlicher Laie auf Rechtsgebieten und wohl immer noch Anfänger in Aktien fällt heute doch einiges auf:
1) Das perfekte Timing der Veröffentlichung des Levy-Texts. Bekannt schon seit ein paar Tagen, kommt er einen Handelstag vor der erwarteten Ergebnisveröffentlichung, wo sowieso schon alle SNMM-Besitzer nervös sind.
2) Mit derart schlechter Software wie im Text beschrieben sollte es wirklich nicht möglich sein, wöchentlich neue Lizenznehmer zu finden - außer diese schauen sich die Sofware vorher überhaupt nicht an bzw. haben sich mit SNMM verschwört, um die Anleger abzuzocken.
3) Der Schreibstil der `Lawsuit`(-Androhung?) ist wirklich nicht so toll.
4) Der Hinweis auf das Internet Gambling Magazine, wo Starnet niedergemacht wird, ist mit dem Wissen, daß jenes Levy gehört, auch als dubios zu betrachten. Und den Schreibstil in ebenjenem will ich jetzt mal gar nicht erwähnen - macht Euch mal selbst ein Bild.
5) Es tauchen sehr viele neue Leute auf, die etwas zu SNMM zu sagen haben - und sei es nur `Ich habe es schon immer gewußt!`, `Wieder 1000000 Shares zu 19,99 bekommen!`, `Ihr seid doch alle $%§&/(` oder auch nur `-40%!`. Sehr informativ
6) Manche alten Leute tauchen dafür auf einmal ab ...
7) Anscheinend ist es wenigen Leuten klar, daß OTCB Aktien ein klitzekleines bißchen mehr gefährlich sind als DAX-Werte und jammern, daß schon wieder x% weg sind ... no risk, no fun!
Allerdings ist 100% SNMM vielleicht ein bißchen gewagt - trotzdem viel Glück, falls es denn bei den diesbezüglichen Postern stimmt.Kurz und gut:
Herrliche Unterhaltung (wenn auch im Moment leider ein bißchen kostspielig
...), wie man sie nur selten bekommt - und lehrreich noch dazu!Ciao,
Das hoffende Ich
Zahlen, NASDAQ etc., bitte kommen! *bittebittebitte*
Der Mr. Levi und seine Investorengruppe haben heute wohlmöglich 3 Mio Aktien für 10 bis 12 $ von Starnet gekauft. Bei 10 $ Gewinn in den nächsten Tagen also 30 Mio $ Gewinn. Feines Geschäft, nicht wahr ?!
Morgen vielleicht nochmal für 10 E nachkaufen ?? Was meint Ihr ?? Ich werd`s tun !
War mal wieder eine gute Lehrstunde heute abend, oder besser gesagt, mehrere Lehrstunden; und das bis jetzt für diejenigen kostenlos, die nicht verkauft haben !!
Bye,bye
Jani
Morgen vielleicht nochmal für 10 E nachkaufen ?? Was meint Ihr ?? Ich werd`s tun !
War mal wieder eine gute Lehrstunde heute abend, oder besser gesagt, mehrere Lehrstunden; und das bis jetzt für diejenigen kostenlos, die nicht verkauft haben !!
Bye,bye
Jani
janigmbh,
morgen 10€? wäre ja schön, dann würd ich auch kaufen, aber so wie sich die Dinge entwickeln wird das wohl (leider) nicht klappen!
Tapu
morgen 10€? wäre ja schön, dann würd ich auch kaufen, aber so wie sich die Dinge entwickeln wird das wohl (leider) nicht klappen!
Tapu
BINGO (im wahrsten Sinne des Wortes!). Starnet hat Las Vegas Casinos die Freundschaft aufgekündigt:
Tuesday July 27, 6:28 pm Eastern Time
Company Press Release
Termination of Agreement Between Las Vegas
Casino Inc. and Softec Systems Caribbean Inc.
WILMINGTON, Del.--(BUSINESS WIRE)--July 27, 1999--Starnet Communications International Inc. (NASD OTC-BB:SNMM)
(``Starnet``) would like to confirm that its wholly-owned subsidiary, Softec Systems Caribbean Inc., (``Softec``),
terminated its Software License Agreement (the ``Agreement``) with Las Vegas Casino Inc. (``Las Vegas Casino``)
because it was in default of its payment obligations for license fees payable to Softec under the Agreement.
An outstanding amount of approximately $203,000 for monthly licensing fees has remained unpaid by Las Vegas
Casino since May 31, 1999. As a result, Softec terminated the Agreement and all related services on July 23, 1999, and
instructed its counsel to commence collection proceedings against Las Vegas Casino.
Las Vegas Casino entered into a Software License Agreement as a licensee of Softec in July 1998. Under the Agreement
Softec licensed its interactive gaming software in addition to e-cash processing services to Las Vegas Casino enabling
them to operate approximately 70 front-end casinos on the Internet.
The Agreement requires the licensee to pay a percentage of its monthly revenues to Softec following the end of each
month. Softec has not been paid its licensing fees by Las Vegas Casino since May, 1999.
Despite Softec`s continual efforts to rectify the payment situation with Las Vegas Casino and its operator, no resolution
was reached. Accordingly, Softec had no choice but to terminate the Agreement.
Based on an article published on RGTonline article entitled ``Who`s on First`` (see:
www.rgtonline.com/newspage/artlisting.cfm/2773), this is not the first time a gaming software provider has
encountered payment problems with the operators of Las Vegas Casino.
Mark Dohlen, CEO of Starnet, stated that ``this is an unfortunate situation where we have a non-paying licensee who
we had no choice but to terminate all services being provided to them under the Agreement. As a result, this
operator is issuing statements which have no foundation whatsoever.
``We have instructed our legal counsel to commence collection proceedings and we are instructing our counsel to
commence defamation proceedings against Las Vegas Casino for statements made against our companies and
against officers of our companies``.
Mark Dohlen also confirms that none of the allegations by Las Vegas Casino Inc. with respect to the integrity of the
system have any foundation whatsoever: ``I reiterate that we have not received legal notice of any lawsuits from Las
Vegas Casino.``
As stated by the Chief Operating Office of Venture Tech Inc., (OTC BB:VTEH - news), one of Softec`s licensees, ``Venture
Tech Inc. and its subsidiaries, remain completely committed to a mutually rewarding relationship with Starnet and we
continue to have full confidence in the integrity and capability of its management and staff, with respect to our
Asiacasino.com web-site now in full operation.
``We look forward to the launching of additional web sites in cooperation with Starnet and Softec.``
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
fillings with the Securities & Exchange Commission.
Contact:
Starnet Communications International Inc.
Carey Nelson, 604/608-6034
North American Toll, 888/883-0833
Outside N. America, 800/883-88338
ir@snmm.com
or
M&A West Inc.
Jack Rosenberg, 650/588-2678 (IR)
www.mawest.com
Tuesday July 27, 6:28 pm Eastern Time
Company Press Release
Termination of Agreement Between Las Vegas
Casino Inc. and Softec Systems Caribbean Inc.
WILMINGTON, Del.--(BUSINESS WIRE)--July 27, 1999--Starnet Communications International Inc. (NASD OTC-BB:SNMM)
(``Starnet``) would like to confirm that its wholly-owned subsidiary, Softec Systems Caribbean Inc., (``Softec``),
terminated its Software License Agreement (the ``Agreement``) with Las Vegas Casino Inc. (``Las Vegas Casino``)
because it was in default of its payment obligations for license fees payable to Softec under the Agreement.
An outstanding amount of approximately $203,000 for monthly licensing fees has remained unpaid by Las Vegas
Casino since May 31, 1999. As a result, Softec terminated the Agreement and all related services on July 23, 1999, and
instructed its counsel to commence collection proceedings against Las Vegas Casino.
Las Vegas Casino entered into a Software License Agreement as a licensee of Softec in July 1998. Under the Agreement
Softec licensed its interactive gaming software in addition to e-cash processing services to Las Vegas Casino enabling
them to operate approximately 70 front-end casinos on the Internet.
The Agreement requires the licensee to pay a percentage of its monthly revenues to Softec following the end of each
month. Softec has not been paid its licensing fees by Las Vegas Casino since May, 1999.
Despite Softec`s continual efforts to rectify the payment situation with Las Vegas Casino and its operator, no resolution
was reached. Accordingly, Softec had no choice but to terminate the Agreement.
Based on an article published on RGTonline article entitled ``Who`s on First`` (see:
www.rgtonline.com/newspage/artlisting.cfm/2773), this is not the first time a gaming software provider has
encountered payment problems with the operators of Las Vegas Casino.
Mark Dohlen, CEO of Starnet, stated that ``this is an unfortunate situation where we have a non-paying licensee who
we had no choice but to terminate all services being provided to them under the Agreement. As a result, this
operator is issuing statements which have no foundation whatsoever.
``We have instructed our legal counsel to commence collection proceedings and we are instructing our counsel to
commence defamation proceedings against Las Vegas Casino for statements made against our companies and
against officers of our companies``.
Mark Dohlen also confirms that none of the allegations by Las Vegas Casino Inc. with respect to the integrity of the
system have any foundation whatsoever: ``I reiterate that we have not received legal notice of any lawsuits from Las
Vegas Casino.``
As stated by the Chief Operating Office of Venture Tech Inc., (OTC BB:VTEH - news), one of Softec`s licensees, ``Venture
Tech Inc. and its subsidiaries, remain completely committed to a mutually rewarding relationship with Starnet and we
continue to have full confidence in the integrity and capability of its management and staff, with respect to our
Asiacasino.com web-site now in full operation.
``We look forward to the launching of additional web sites in cooperation with Starnet and Softec.``
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
fillings with the Securities & Exchange Commission.
Contact:
Starnet Communications International Inc.
Carey Nelson, 604/608-6034
North American Toll, 888/883-0833
Outside N. America, 800/883-88338
ir@snmm.com
or
M&A West Inc.
Jack Rosenberg, 650/588-2678 (IR)
www.mawest.com
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