Casino Journal Publishing Group, Inc. (OTC Bulletin Board: CJPG) today announced the signing of a long term advertising agreement with ByeByeNOW.com, an interactive network of websites, and franchise travel agents for the sale of vacation products.
The agreement, the largest in the Company's history, calls for ByeByeNOW.com to advertise on a monthly basis in the Company's Casino Player and Strictly Slots consumer gaming magazines.
Casino Player and Strictly Slots are part of a consortium of magazines which ByeByeNOW.com has agreed to advertise in as part of their national marketing push. As a result of the agreement, Casino Journal Publishing Group will receive an equity stake in ByeByeNOW.com. ByeByeNOW.com recently announced the signing of definitive agreements to acquire Integrated Marketing Professionals and Aviation Industries.
The acquisition will close at the time of ByeByeNOW.com's Initial Public Offering which is expected during the second half of 2000. ByeByeNOW.com also recently announced the hiring of former NBC News Senior Executive Guy Pepper as Chief Executive Officer.
Commenting on the new agreement, Casino Journal Publishing Group, Chairman and Group Publisher Glenn Fine said, "It is with great pride that we announce the largest advertising agreement in the Company's history. We will provide over $700,000 in advertising in exchange for equity in this new specialty Internet travel company.
This is part of our strategic plan to invest in Internet e-commerce companies which we feel could provide great returns for the Company and our shareholders in the future. We have the massive readership that start-up e-commerce companies desperately need and depending on the viability of the company, we are willing to accept equity for their advertising.
In recent months, CJPG has received equity interests in e-commerce Internet companies such as SoftNet Gaming, Players Network (OTC Bulletin Board: PNTV), Virtual Gaming Enterprises (OTC Bulletin Board: VGAM) and now ByeByeNOW.com in return for content, advertising or services.
Our investment portfolio now is worth approximately $0.50 per share based on today's current prices of the publicly traded issues and the valuation of the services to the still private companies." Alan Woinsi, President and CFO of Casino Journal Publishing Group added, "In recent months, we have begun to focus our attention on gaining equity interests in emerging companies.
We have strict criteria for these investments in that if it is a private company, we must have a comfort level that they will soon be publicly traded. We expect that in the future, these investments we are making could provide great value to our Company and our shareholders.
We feel that our status as the largest casino and gaming publisher in the world will assist us in increasing our investment portfolio in the future through joint ventures and consulting, licensing and marketing agreements."
Casino Journal Publishing Group, Inc. publishes Casino Journal, the company's flagship magazine, and the most widely read trade publication serving the gaming industry; the National Gaming Summary, an extensive weekly newsletter that provides up-to-the-minute gaming news; the Gaming Industry Weekly and Daily Reports and the Daily Lodging Report targeting gaming and lodging executives and investors.
For the gaming consumer, CJPG publishes Casino Player and Strictly Slots, the nation's largest circulation consumer gaming publications, and the Atlantic City Insider, which targets the frequent Atlantic City gambler.
The Company also produces the American Gaming, Lodging and Leisure Summit in conjunction with Bear Stearns & Co. and the law firm of Lionel Sawyer and Collins; the Southern Gaming Summit with the Mississippi Casino Operators Association; the Atlantic City Chamber of Commerce Business Expo, the Northern Gaming Summit in conjunction with the Michigan law firm of Fraser Trebilcock Davis & Foster and Bear Stearns & Co. and UNLV Casino Ops trade shows.
Safe Harbor: Certain statements in this press release, including statements regarding the anticipated development and expansion of the Company's business, and the intent, belief or current expectations of the Company, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.