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Poker.com Inc. to Acquire a Skill Based System for Online Gaming in the U.S.1/16/03
VANCOUVER, British Columbia, Jan 16, 2003 (BUSINESS WIRE) --
Poker.com Inc. (OTCBB:PKER) announced today that the Company has entered into a letter of intent to purchase a provisional patent application and all the assets in relation to a skill based system of online gaming which includes the games of Skill Poker and Skill BlackJack from Blue Diamond International Capital Inc. of Switzerland. The acquisition is subject to the parties entering into a definitive agreement and to Poker.com receiving confirmation that the provisional patent is for a skill based gaming system.
Pursuant to the proposed acquisition, on closing, Poker.com Inc. would pay US$50,000 and issue 3,000,000 common shares to Blue Diamond International Capital Inc. In addition, the Company would pay, until 2099, the greater of US$3,500 per month or 4% of the network maintenance fees earned by the Company from operating games using the provisional patent technology.
The provisional patent application filed with the United States Patent and Trademark Office covers a system of determining the skill level in a tournament setting for many different card games including all forms of poker. Poker.com Inc. will acquire ownership of all materials in relation to the games of Skill Poker and Skill Blackjack, in addition to the domain names SkillPoker.com, SkillBlackjack.com, SkillOmaha.com, SkillHoldem.com and SkillStud.com.
Currently, most online gaming operators are located in offshore jurisdictions in order to avoid U.S. gaming laws. In relation to processing credit card transactions for online gaming, up to 30% of all gambling related credit card transactions are denied as banks will not honor illegal gaming debts. Poker.com Inc. intends to operate an online poker card room based in the U.S. and expects universal acceptance by banks engaging in credit card transactions with little or no deposit rejection.
Poker.com plans to use the concepts in the provisional patent to develop the software to enable it to operate its own skill based online poker card rooms to market directly to players in the United States, Canada and worldwide. Once developed, Poker.com Inc.'s poker card room will be the only online system of gaming with all operations including the game servers located on North American soil and operating within the parameters of legal skill based gaming as set forth by various jurisdictions.
"Certain jurisdictions in the U.S and Canada look upon the wagering of skill based games as not contravening gambling laws. Management considers the Skill Poker system as one of these skill based games," said Mr. Mark Glusing, President of Poker.com Inc.
The Company retained Professor I. Nelson Rose, a Professor of Law with tenure at Whittier Law School in Costa Mesa, California to provide an opinion as to the general legality of the Skill Poker system. Professor Rose received a Juris Doctor degree from Harvard University in 1979 and is recognized as a leading authority on gambling and the law advising clients such as the United States Government, state gaming commissions, the Federal Government of Canada, commercial gaming operators and has acted as an expert witness in a number of gaming related trials.
On behalf of the Board of Directors, Mr. Mark Glusing, President
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