Kenilworth Receives PAGCOR Letter of Intent
MINEOLA, New York – Kenilworth Systems Corporation("Kenilworth") today reported the Company has received a "Letter of Intent"from the Philippines Amusement and Gaming Corporation ("PAGCOR"), theRepublic of the Philippines chartered government gaming monopoly. PAGCORpartially owns and exclusively operates all fourteen (14) Filipino casinos,some of which are located in exclusive resort facilities frequented byAsian patrons. The letter underscores PAGCOR's intention to implement theRoulabette(R) Project while the more formal Memorandum of Agreement ("MOA")will be processed by the Philippines Legislature.
Herbert Lindo, Chairman and CEO stated, "We requested the letter todemonstrate PAGCOR's desire to implement Project Roulabette(R) while theapproval of the MOA takes its normal time course. With the letter, theCompany now can go forward with negotiations with satellite and cablecompanies that may wish to offer the patented Roulabette(R) System to theirsubscribers and obtain permission for the broadcasts in their respectivejurisdictions. He further stated, "We now may also commence negotiationswith design and manufacturing organizations for the equipment required tomake Roulabette(R) available throughout the industrialized world."
In the mutually signed Letter of Intent, the Company guarantees to payPAGCOR a monthly payment, for hosting the broadcasts, when they commence,over a ten (10) year contract period in the amount of US$1 million for yearone (1); US$2 million for years two (2) and three (3); US$5 million foryears four (4) through seven (7) and US$10 million for every year thereafter. The initial broadcast will emanate from the new Hyatt Hotel andCasino in Manila and may include Philippine Resorts that have casinos, withan expected starting date early in 2007. The Company also guaranteed tohave available US$25 million required in its Business Plan which isincorporated in the MOA.
Mr. Lindo reiterated that "Kenilworth believes Roulabette(R) willbecome a US$500 billion net win market from wagering in five (5) years, by2011, which will be shared by all participating entities." The letter issigned by Rene C. Figueora, Vice President - Administration and SeniorManaging Head RDD, PAGCOR.
2006-04-29
