Global Entertainment Holdings Acquires Prevail Online
OMAHA, Neb.–(BUSINESS WIRE)–Sept. 23, 1999–
Global Entertainment Holdings/Equities Inc. (OTC BB:GAMM) (www.globalentertainmentinc.com) Thursday announced that it has acquired San Francisco-based Prevail Online Inc., an Internet products and services company focusing on the Internet gaming and wagering industry.
Under the terms of the acquisition, Global Entertainment Holdings will conduct a tax-free exchange of 163,500 shares of its common stock for 100 percent of the issued and outstanding shares of Prevail Online. Prevail Online will operate as a wholly owned subsidiary of Global Entertainment Holdings.
Prevail Online operates three independent online services that attract consumers with a combination of highly focused content and superior marketing techniques which has made its sites among the most popular on the Web. Prevail Online’s services deliver gaming directory information through its Web site, www.wheretobet.com, real-time sports gaming news and statistics through www.thesportsdaily.com and mainstream online wagering information via www.netbet.org.
Ron Pereira, formerly the executive producer of TheSportsDaily.com, has signed a five-year management agreement to serve as president and CEO of Prevail Online. “By joining Global, Prevail Online seeks to accelerate its mission which is to provide leading-edge Internet technology, information and services to sports and wagering enthusiasts,” said Pereira.
“We believe Prevail Online’s unique Internet properties will have an accretive effect throughout Global’s business. With the existing synergies between Global’s subsidiary, IGW and Prevail Online, we feel the acquisition will broaden Global’s product and service offerings and help to expand our position in the Web content and publishing market.
“Our shareholders will benefit from the value created by the additional revenues, positive operating cash flow and efficiencies gained in operations,” said Steven Abboud, president & CEO of Global Entertainment Holdings.
With headquarters in Omaha, Global Entertainment Holdings/Equities provides financial consulting, investment banking and funding for its wholly owned subsidiary, Interactive Gaming and Wagering N.V. (IGW) and Prevail Online.
IGW, based in Willemstad, Curacao, has developed the Internet & Telephony Sportsbook & Casino System (ITSCS), a leading turnkey sportsbook and casino software package, which it licenses. Prevail Online operates a collection of highly targeted and unique Internet properties focusing on the Internet wagering industry.
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