|West Paterson, NJ, May 1, 2003 - Interactive Systems Worldwide Inc. (NASDAQ Small Cap-ISWI) announced today that its wholly owned subsidiary, Global Interactive Gaming Ltd (GIG), has extended its recent agreement with Sky Bet (registered company name Hestview Limited). Under the agreement addendum, GIG and Sky Bet will launch ISWI's patented SportXction(tm) wagering software on Sky Bet's Internet service skybet.com. |
The existing arrangement, which was announced on April 10th, will see Sky Bet and GIG launch the SportXction(tm) software on BSkyB's digital satellite TV network in the UK.
Under terms similar to the digital TV arrangement, which runs for 12 months, the two companies will share revenue generated by the interactive Internet product and GIG will provide most of the integration effort from within its existing resource. Sky Bet will be responsible to promote this web-based service. GIG and Sky Bet have committed to work closely together to establish an integration and implementation schedule leading to launch as soon as possible and, in any event, no later than the launch of the digital TV service in August of this year.
Commenting on this deal ISWI Chairman, Barry Mindes, said, 'This latest agreement is excellent news for ISWI and our subsidiary, GIG. We are pleased that Sky Bet's customers will be able to not only play our game using their TV at home and also, thanks to this deal, from wherever they have Internet access. In addition we feel this deal demonstrates that Sky Bet has a significant level of commitment to our in-run sports wagering product and it solidifies our working relationship.'
About Sky Bet
Sky Bet is the brand name of a betting services company registered in the UK s Hestview Limited, a wholly owned subsidiary of British Sky Broadcasting Limited (BSkyB). BSkyB's satellite TV distribution operation, Sky Digital (launched in October 1998), is the UK's largest supplier of digital TV services with approximately 6.6 million active households through the UK and Ireland. Sky Bet is a prominent supplier of betting services to customers of Sky Digital through its interactive applications on digital TV.
SportXction(tm) is a patented, real-time, software system, which allows a player to make play-by-play wagers on a sporting event while the event is in progress. Wagering may be conducted while viewing a live or televised sporting event, or listening to it on the radio. The wagers offered are mostly oriented to short-term action, for example, is the penalty kick successful, is the next play a run or a pass, is the next pitch a ball or a strike, does the shooter make two foul shots, and hundreds more. The wagers have odds associated with them, which relate to the probable outcome of the proposition being wagered upon, and the odds are adjusted in real time to balance the pool using proprietary artificial intelligence software to reflect player sentiment, as derived from the betting patterns. The system can be used with virtually any sport and has the capability of being delivered across a range of digital media including the Internet, digital TV and mobile devices. The next release of SportXction(tm), due this summer, will allow wagering upon propositions with multiple potential outcomes, such as which player will score the next goal, instead of propositions with only two potential outcomes as is currently the case. 'Multi-sided' betting is a common type of betting available in the UK market.
About Global Interactive Gaming Limited (GIG)
GIG was acquired by ISWI from international owners, principally The Kirch Group, a German multimedia conglomerate, in late July 2002. GIG has a license from ISWI to market, integrate and operate the SportXction software and through its wholly owned subsidiary, Brightform Limited, which has a British bookmaker's permit, is able to offer full betting services. Occupying the entire thirtieth floor of Centre Point Tower, the highest building in central London, GIG has modern, secure facilities, including operating suites, a computer hub with communications services, system demonstration resources, plus offices to house corporate/administrative, operations, technical, maintenance, support, marketing and legal services. GIG envisages potentially running over 1,000 sporting events per year in Great Britain alone when the service is fully mature. GIG currently has a staff of 15 and there is room for expansion in the facility.
This press release contains 'forward-looking statements' made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including, but not limited to, whether the SportXction wagering software will be launched on Sky Bet's Internet service in August 2003, or at all; whether the agreement will generate significant revenue for ISWI; the number of Sky Bet customers who will utilize the SportXction system for placing wagers; whether the Sky Bet agreement will be cancelled after six months or renewed after one year, and; whether the multi-sided version of the SportXction product will be launched in the Summer of 2003. Investors are cautioned that these statements involve risks and uncertainties and the actual results may be different from those contained in these forward-looking statements. Additional risks and uncertainties are detailed in ISWI's filings with the Securities and Exchange Commission, including but not limited to its Form 10-KSB for the year ended September 30, 2002and Form 10-QSB for the quarter ended December 31, 2002.