MINEOLA, N.Y., July 26 /PRNewswire-FirstCall/ -- Kenilworth Systems Corporation (OTC Pink Sheets: KENS) .... Kenilworth Systems Corporation ('Kenilworth'), the developer of the Roulabette(TM) System for playing along from remote locations with live, in-progress casino table games, announced today a group of private foreign investors are teaming up with Kenilworth to initiate a chain of Roulabette(TM) Cafés, a concept whose time has come.
The group of investors will acquire fifteen million (15,000,000)
restricted Kenilworth common shares at fifteen cents ( $0.15 ) per share for
$2,250,000 , aided by $750,000 the Chairman and Chief Operating Officer,
The patented Roulabette(TM) System can be likened to one's very own personal casino next door, does not have the costly bricks and mortars for the operation and, more importantly, can be managed to prevent the underaged from playing and shut out the compulsive gambler. The key to Roulabette(TM) is the patented microprocessor located in digital satellite and digital cable set top boxes or in an attachment to the viewing television set (lap top) that manages the fixed odd wagering at the viewing site (not the casino). The game results from the designated casino will be transmitted by news wire companies that continuously report stock, bond and other market news. This makes the legality and implementation of the Roulabette(TM) System strictly a local issue, thus permitting the entertainment and gaming experience for state residents.
Roulabette(TM) action is designed to offer entertainment, not hardcore gambling, in an exclusive setting, similar to poker clubs in California.
It is a practical solution to most illegal gambling. The Roulabette(TM) System is identical to simulcasts of horse and dog racing. The wagering takes place at the receiving locations and the Cafés, not at the remote casino locations.
The Roulabette(TM) program will include entertainment and commentators (much like commentators of sporting events) to assist players with the rules and regulations of the games. Live casino table game action may also be offered on slot machines and video lottery terminals, as an alternative and change of pace from pre-programmed games.
By establishing, in specific test areas, non-betting Roulabette(TM) Cafés, Kenilworth will be able to demonstrate the potential increased values to state legislatures that wish to privatize their lotteries. In most instances the privatizing of lotteries will be offered on long term leases with monthly lease payments. The lotteries ownership of its share in the privatized operation, as well as receipt of advertising revenues will result in substantially more income to the state than most maturing lotteries now generate. The huge down payment, received by the state when the lottery is sold to private interests (as much as $10 to $15 billion ) is free to be used as needed.
With casinos and slot machines throughout the U.S., even the most profitable lotteries are becoming increasingly challenged. Younger people view the lotteries as their 'parent's game' and want to participate with the 'real thing', live gaming.
The Kenilworth patents are filed in forty-nine (49) industrialized countries including prominent Asian countries. For additional information and details of the Roulabette(TM) System, please visit our website at: www.kenilworthsys.com and our filings with the SEC.
We will continue to update our progress via PR Newswire.
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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 the 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
