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SOURCE Kenilworth Systems Corporation
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
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