UNIONDALE, N.Y., Oct. 15, 2013 /PRNewswire/ -- Kenilworth Systems
Corporation (KENS:PK) announced the signing of a memorandum of
understanding to finish development of the Company's remote table
wagering technology, which is forecast to bring substantial revenue
to the Company.
Under the terms of the understanding, Kenilworth will license
its patented table gaming intellectual property to WagerPort (UK)
Limited in return for US$1 million of
convertible preferred stock of WagerPort Limited plus a royalty of
20% of WagerPort gross revenue.
"WagerPort Limited has the technical capability to move the
Kenilworth technology to the operational stage and take it to the
casino-operator market," stated Mr. Paul
Francis, Managing Director of WagerPort Limited. "We
are pleased to partner with Kenilworth to complete this very
significant project."
Dan Snyder, Kenilworth CEO noted
that "Independent analysis indicates that this license agreement
alone can bring Kenilworth US$300,000
in the first year of WagerPort operations, growing to US$7-8 million by the third year, and increasing
to over US$40 million in five
years."
"Significantly, Kenilworth has negotiated the right to acquire
controlling interest in the common stock of WagerPort Limited to
make the affiliate a wholly owned subsidiary of the Company.
WagerPort as a subsidiary of Kenilworth is estimated to have
net operating revenue (EBITA) forecast to approach US$90 million in the 5th year of
operations," Snyder noted.
Kenilworth and WagerPort Limited intend to sign the definitive
license and royalty agreement in early November, according to Mr.
Snyder and Mr. Francis.
WagerPort Limited is based in London,
England, with staff in Norwich,
England; and engineering staff in Ghaziabad, India and Johannesburg, South Africa.
Kenilworth Systems Corporation is in the late stages of
developing a patented broadband based, highly secure, fully
interactive, high-definition video system which allows a casino to
offer live gaming, to its customers, in locations distant from the
casino itself. The Company is based in Uniondale, New York and has a subsidiary,
KenSysCo Gaming, Inc. in Las Vegas,
Nevada.
Mr. Snyder stated, "What Kenilworth does in Vegas will
definitely not stay in Vegas."
FORWARD LOOKING STATEMENTS
The information contained in this Press Announcement includes
"forward-looking" statements within the meaning of section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and is subject to the
safe harbors created thereby. Such information involves important
risks and uncertainties that could significantly affect results in
the future and, accordingly, such results may differ from those
expressed in any forward looking statements herein. Future
operating results may be adversely affected as a result of a number
of factors.
More information: Email
Info@KenSysCo.com
SOURCE Kenilworth Systems Corporation