The original agreement, which specified a revenue share arrangement
between the companies, had been amended in
Corporate Update:
The Company today also announced record quarterly wagering volume from the
operation of its SportXction(R) system in the UK. The system operated by GIG,
recorded over 4.1 million pounds (
The hold (i.e. the total amount retained by the system after winning
wagers are paid) for quarter ended
The Company's revenue from its agreements under which it operates its
software is based upon a combination of several factors: the turnover, the
hold, predetermined fixed or minimum monthly fees and contractual revenue
(hold) splits with its partners. Although the Company's revenue for the
quarter ended
Mr. Albanese added, "Increasing the Company's limited cash resources remains management's top priority. The Company is actively pursuing several possible strategic transactions to resolve its liquidity needs."
About Interactive Systems Worldwide, Inc.
Interactive Systems Worldwide, Inc. (OTC Bulletin Board: ISWI.OB) has designed, developed and patented a proprietary software system, the SportXction System, which enables play-by-play wagering during the course of live sporting events. ISWI, through its wholly owned subsidiary Global Interactive Gaming Ltd. (GIG), operates the SportXction(R) System in the U.K., in conjunction with established media and traditional wagering partners. The system can accept wagers from the Internet, handheld wireless devices, interactive televisions, and standalone kiosks. The system can be used for any live broadcast event.
Contact: Interactive Systems Worldwide, Inc. Bernard Albanese Chief Executive Officer Phone: 973-256-8181
FORWARD-LOOKING STATEMENTS: The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements, including, but not limited to, whether GIG will generate a positive cash flow based on this new agreement; and whether the Company will be successful in solving its liquidity needs. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof. Readers should carefully review the risks described in other documents the Company files from time to time with the Securities and Exchange Commission, including Annual Reports, Quarterly Reports and Current Reports on Form 8-K.
SOURCE Interactive Systems Worldwide, Inc.