|Gaming & Entertainment Group has announced that it has entered into definitive agreements with Cantor G&W that provides long-term financing and creates a strategic worldwide partnership. |
The transaction with Cantor provides GMEI with sufficient capital to pursue its planned land-based and Internet initiatives and will allow management to focus solely on developing the business. GMEI has been engaged to develop software for Cantor's online casino, which will be hosted in Alderney in the British Isles.
Cantor required a software partner that had not participated in accepting online wagers from players in the United States. GMEI satisfies this stringent requirement.
It is anticipated that the Cantor casino will go live in 2005, and upon its successful deployment, it is anticipated that GMEI will develop additional online gaming sites for white-label clients of the GMEI/Cantor business. In each instance, GMEI will receive development fees and recurring royalties.
Chief Executive Officer and Chairman of GMEI, Tibor Vertes, said, 'We are very pleased to have secured Cantor as our long-term business partner. The investment by Cantor secures the various business initiatives we have embarked upon over many years of gaming software development, and greatly enhances our ability to commercialize our proprietary products throughout the world.'
Lee Amaitis, President of Cantor, added, 'We look forward to working with GMEI, and using its proprietary software to participate in the tremendous growth of the gaming industry around the world.'