WEST PATERSON, New Jersey, April 3 /PRNewswire/ --
- ANNOUNCES RECORD QUARTERLY TURNOVER
Interactive Systems Worldwide, Inc. (Pink Sheets: ISWI) announced its quarterly transaction volumes (i.e. the Turnover and the Hold), associated with the wagering services provided by Global Interactive Gaming Ltd. (GIG), the Company's wholly owned UK subsidiary, for the three month period ended March 31, 2009.
The Turnover for the period ended March 31, 2009 was pounds sterling (GBP)4,603,359. This represents a 12.1% increase over the Turnover for the comparable period last year of (GBP)4,107,835. It also represents a 5.7% increase over the previous record turnover of (GBP)4,354,811, achieved during the period ended June 30, 2008, which included the 2008 European Football Championships held last June. The Turnover, also called Handle, is the sum of the amounts wagered under the GIG's service agreements with business partners for its integrated solution. The Hold for this period was (GBP)263,045. The Hold, also called Gross Win, is the amount retained by the business partner after all winning wagers have been paid.
Bernard Albanese, Chief Executive Officer of ISWI, said, The Company is pleased that we were able to achieve record breaking performance in the midst of a severe worldwide economic slowdown. This is evidence of a strong consumer desire for our products.
The Company had previously announced (in August 2008) that it had ceased filing its SEC financial reports for an indeterminate time period due to the Company's lack of financial resources and the anticipated expenses associated with the preparation, independent auditor review and filing of these reports. In January 2009, the Company instituted a program of providing transaction volume on a quarterly basis. The purpose of these disclosures is to provide the investment community with some ability to track the progress of the Company's operations despite the Company being delinquent in its SEC financial reporting.
Also provided are the historical transaction volumes associated with previous quarterly periods commencing with January 2007, which corresponds to the launch of the Company's integrated product into live operation (see table below). This data is also be available on GIG's website (www.gigltd.com), by clicking Transaction History on the Press and Contacts page. GIG's website can also be accessed indirectly from the Company's website (www.isw.com). The website Transaction History will be updated with the last quarter's transaction volume, reported today, shortly. All figures are unaudited.
In the integrated solution, GIG's personnel use the SportXction software to manage certain in-run betting opportunities on behalf of the business partners, who then accept related wagers utilizing their own gaming system. The Turnover and Hold figures below are not directly indicative of GIG's revenue because the fees payable to GIG pursuant to the agreements with its business partners may include a combination of both a revenue share and a monthly minimum. The figures below do not include other sources of revenue for GIG or the Company, such as license fees, software charges, etc. Sports wagering is seasonal. Meaningful comparisons can only be made between comparable periods (year-to-year), not consecutive periods. In addition, some major sports events are not held annually, but are only held only every 2 or 4 years.
GIG Integrated Solution Historical Transaction Volumes Note: All currency figures are in British Pounds Sterling (GBP) Quarter Ending Turnover Hold Hold % (GBP) (GBP) March 31, 2007 1,741,370 46,617 2.68% June 30, 2007 2,919,954 164,799 5.64% September 30, 2007 2,579,414 139,396 5.40% December 31, 2007 4,182,782 217,659 5.20% March 31, 2008 4,107,835 262,173 6.38% June 30, 2008 4,354,811 275,430 6.32% September 30, 2008 2,389,830 140,546 5.88% December 31, 2008 3,498,132 145,229 4.15% March 31, 2009 4,603,359 263,045 5.71% Totals since Jan 2007 30,377,488 1,654,895 5.45%
About Interactive Systems Worldwide, Inc.
Interactive Systems Worldwide, Inc. (ISWI.PK) has designed, developed and patented a proprietary software system, the SportXction System, which enables play-by-play wagering during the course of live sporting events. ISWI, through its wholly owned subsidiary Global Interactive Gaming Ltd. (GIG), operates the SportXction(R) System in the U.K., in conjunction with established media and traditional wagering partners. The system can accept wagers from the Internet, handheld wireless devices, interactive televisions, and standalone kiosks. The system can be used for any live broadcast event.
Contacts: Interactive Systems Worldwide, Inc. Bernard Albanese Chief Executive Officer Phone: +1-973-256-8181
FORWARD-LOOKING STATEMENTS: The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements, including, but not limited to, whether and when the Company might be able to provide transaction volumes for future quarters and whether or not the Company will obtain the financing necessary to continue its operations. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof. Readers should carefully review the risks described in documents the Company has filed with the Securities and Exchange Commission, including Annual Reports, Quarterly Reports and Current Reports on Form 8-K.
Bernard Albanese, Chief Executive Officer of Interactive Systems Worldwide, Inc., +1-973-256-8181