Kenilworth Report Delayed
Kenilworth Systems Corporation ... Kenilworth Systems Corporation ("Kenilworth") in an 8-K filing today reported that the Company's Annual Report for the period ended December 31, 2005, after having filed an extension until April 17, 2006, will be further delayed for approximately two (2) weeks. Herbert Lindo, Chairman and CEO stated the delay is caused by the extensive expenses incurred in continuing negotiations taking place in the Philippines with a Philippine government authorized agency, the acquisition of Lighthouse Supply and Services, Inc. in the Philippines, all of which require Independent Auditors confirmation and the lack of qualified staff personnel that left the Company in November 2005, which have not as yet been replaced.
As previously reported, the Company sustained a loss of $3,267,912 for the nine (9) month period ended September 30, 2005 which included a non-operating loss of $1,250,000. The Company expects these losses will continue until its "Roulabette(R) System" becomes acceptable to the worldwide Casino and Lottery Industry.
Roulabette(R) is the brand name, coined by the Company, for a method and system for placing wagers on live, in-progress casino table games broadcast to digital satellite and digital cable subscribers, such as Roulette, Dice, Baccarat and more, at sites remote from the actual casino table at which the game is taking place.
With the patented Roulabette(R) System, the actual wagering takes place at the receiving television set managed by the microprocessor installed in the set-top boxes (both cable and satellite) or as an attachment to the TV set. The wagering is not managed by the casino that broadcasts Roulabette(R). It is a one-way transmission requiring only the consent of the receiving jurisdictions. The Roulabette(R) casino is next door, doesn't have the costly bricks and mortar, and can be managed to prevent the under aged from participating and shut out the compulsive gamblers by using lotteries to manage the cash handlings.