EGC Reports Results
Electronic Game Card, Inc. (OTCBB: EGMI), the creator of the Electronic GameCard, has provided a six month update of its business activity, including milestones achieved subsequent to the update issued January 31, 2006. Electronic Game Card ("EGMI") has entered a highly productive period, which was highlighted by its joint venture partner, Scientific Games Corporation (NASDAQ: SGMS), who markets and promotes the Electronic GameCard to the global lottery market. Steve Saferin, Scientific Games Properties' president, recently commented, "Both Kansas and Iowa have proven that the Electronic GameCard is the kind of innovative game that will catapult lotteries everywhere into the next generation of game play. The Electronic GameCard is a pioneering product for a pioneering lottery industry." This success of the Electronic GameCard has been demonstrated in several markets sectors and is receiving global interest. In the United States: - Kansas Lottery - After just 5 weeks of sales, Kansas Lottery placed a full second order for Electronic GameCards on July 21, 2006. - Iowa Lottery released its third order of Electronic GameCards on July 31, 2006.
- Iowa also confirmed that they are the first State to launch the brand new Pocket Poker Electronic GameCard product.
- EGMI has manufactured and completed delivery of over 350,000 Electronic GameCards to the State Lotteries in the US.
- Golden Palace.com - an order of customized code-breaker Electronic GameCards was delivered to Golden Palace.com for its promotion campaign.
- MGM Grand Detroit - EGMI received its first Electronic GameCard order from a casino, MGM Grand, on July 6, 2006.
- Santa Ana Star Casino (New Mexico) - EGMI signed a contract with Santa Ana Casinos on July 26, marking its first contract with the Indian Gaming community.
- New Initiative - North American charity bingo with initial focus on Texas - subject to approval by State regulators.
- EGMI has developed several additional games to extend its appeal to a diverse group of interests.
- Talarius - the UK's leading slot hall operator, and PromoCom, the direct mail/premium rate promotion company in Ireland, have both successfully received completed shipments.
- EGMI remains on target to complete an order with a major online-casino company operating in Europe within the next quarter.
- EGMI has signed an order for a charity promotion in Norway. Order to be delivered by third quarter.
- EGMI has secured an agreement to work on a charity lottery in Sweden subject to final approval from the regulators.
- EGMI recently secured distribution agents in Ukraine, Israel, Australia and South Africa and plans on adding additional international distributors during the second half of the year.
- EGMI has completed and delivered its first sale to an international cruise line company for onboard gaming. A revenue GameCard is expected to be launched during second half 2006.
- EGMI has continued to review commercial opportunities for sales promotions, gaming and charity fund raising.
The company commented, "We are in the process of concluding our reorganization and with the significant success witnessed by the recent lottery orders, we are now poised to begin to benefit from the enormous potential of this innovative product. Our activity over the past several months has grown materially and we are now entering a stage in which our results will reflect these efforts.
"The Company has begun to experience the results of its shelf game strategy which was introduced earlier this year. This strategy standardizes Electronic GameCards in four formats that can now be supplied to customers within a four week turn-around period. Additionally we are witnessing a broad mix of commercial opportunities that are coming on stream across the gaming and charitable markets."