MINEOLA, N.Y., April 27 /PRNewswire-FirstCall/ -- Kenilworth Systems Corporation (OTC Pink Sheets: KENS) ... Kenilworth Systems Corporation ('Kenilworth') today reported the Company has received a 'Letter of Intent' from the Philippines Amusement and Gaming Corporation ('PAGCOR'), the Republic of the Philippines chartered government gaming monopoly. PAGCOR partially owns and exclusively operates all fourteen (14) Filipino casinos, some of which are located in exclusive resort facilities frequented by Asian patrons. The letter underscores PAGCOR's intention to implement the Roulabette(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 to demonstrate PAGCOR's desire to implement Project Roulabette(R) while the approval of the MOA takes its normal time course. With the letter, the Company now can go forward with negotiations with satellite and cable companies that may wish to offer the patented Roulabette(R) System to their subscribers and obtain permission for the broadcasts in their respective jurisdictions. He further stated, 'We now may also commence negotiations with design and manufacturing organizations for the equipment required to make Roulabette(R) available throughout the industrialized world.'

In the mutually signed Letter of Intent, the Company guarantees to pay PAGCOR 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 year one (1); US$2 million for years two (2) and three (3); US$5 million for years four (4) through seven (7) and US$10 million for every year there after. The initial broadcast will emanate from the new Hyatt Hotel and Casino in Manila and may include Philippine Resorts that have casinos, with an expected starting date early in 2007. The Company also guaranteed to have available US$25 million required in its Business Plan which is incorporated in the MOA.

Mr. Lindo reiterated that 'Kenilworth believes Roulabette(R) will become a US$500 billion net win market from wagering in five (5) years, by 2011, which will be shared by all participating entities.' The letter is signed by Rene C. Figueora, Vice President - Administration and Senior Managing Head RDD, PAGCOR.

FORWARD LOOKING STATEMENT

This release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 'Forward-looking statements' describe future expectations, plans, results, or strategies and are generally preceded by words such as 'may,' 'future,' 'plan' or 'planned,' 'will' or 'should,' 'expected,' 'anticipates,' 'draft,' 'eventually' or 'projected.' You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-Q and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Kenilworth undertakes no obligation to update such statements.

SOURCE Kenilworth Systems Corporation