Statement of Sue Schneider, Chairman, Interactive Gaming Council
On House Passage of the Unlawful Internet Gambling Funding Act
“The membership of the Interactive Gaming Council is naturally disappointed that the House of Representatives has chosen to pass H.R. 556. As has been the case with previous legislation in this area, a substantial misunderstanding of Internet gaming and of the Internet itself drives the bill.
“We take particular exception to the assertion that there is a link between Internet gaming and terrorism. Notwithstanding the reckless statements some have made, there has never even been a credible allegation that terrorists have used Internet gaming for money laundering. Internet gaming involves credit card transactions with a clear record of every wager. Money laundering is extremely difficult in a situation where every electronic transaction is recorded. Internet gaming is no different from any other form of e-commerce with respect to money laundering; perhaps the only difference is that our industry is subject to greater law enforcement scrutiny.
“It bears mentioning that if the Leach bill were to become law, it would most likely result in the development of settlement solutions that banks cannot recognize and block – truly blind e-cash. This does not exist today because there is no market for it. However, it is safe to say that, if the Leach bill becomes law, some portion of the 4.7 million Americans who like to wager on-line would seek alternative ways to IDN Slot bet, and some of these new settlement mechanisms would undoubtedly have unintended consequences.
“We take seriously the concerns expressed by members of Congress about the problem of minors gambling, and our members undertake steps to prevent this. However, protection of children would be better accomplished through a robust program of licensing and regulation. The IGC will continue to accomplish as much as industry self-regulation can to prevent money-laundering, underage gambling, and other social goals; but we again call on legislators to recognize that governmental regulation, and not prohibition, is the means to accomplish that.
“Time Magazine recently published its list of the 100 Worst Ideas of the 20th Century – unsurprisingly, alcohol prohibition was selected as the single dumbest idea. George Santayana warned us that those who do not learn from history are doomed to repeat it. We can only hope that the prohibitionists in Congress find themselves reading about the 1920’s sometime soon.”
Poker.com Directors Want to Privatize
VANCOUVER, British Columbia — Poker.com Inc. (OTC Bulletin Board:PKER), announces that the Board of Directors have come to the conclusion that;
Based on the current directives from the US Department of Justice and current and proposed legislation prohibiting gaming on the Internet there is a real potential risk to the company if it continues operating in the gaming industry where revenue is derived from royalty earned from on-line Casino and on-line Poker Card rooms. There are a variety of organizations, from financial groups to the Fraternal Order of Police, who have voiced support for the anti-Internet gambling bill put forth in the U.S. House of Representatives on the 25th September 2002 by Rep. James Leach, R-Iowa.
Based on the fact that the Company is in the on-line gaming industry, there is very little credibility given to the value of its stock, hence it is almost impossible for Poker.com Inc. shares to be fairly valued or to significantly increase in value.
The Directors propose to call an Extraordinary shareholders meeting to Vote on a resolution to sell the Assets of Poker.com Inc. to Poker.com S.A., a Private Company. The shareholders of Poker.com Inc. will retain their shareholding in Poker.com Inc. (the public company) and will be issued a proportionate number of shares in Poker.com S.A. the private company.
The Directors believe that this will create greater value to the shareholders in that they will earn dividends from the private company on a quarterly basis and will also benefit from any new business that the Public Company will acquire. The Directors are currently evaluating a number of business opportunities.
Poker.com Inc. is an on-line marketing company earning revenue from the sale of gaming Licenses and royalties derived there from.
This press release may contain forward-looking statements, particularly as related to the business plans of the company, within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor created by these sections. Actual results may differ materially from the company’s expectations and estimates.