Source CCNMatthews
Date 10/13/2006
Time 01:40:00 PM
Company LAS VEGAS FROM HOME.COM ENTERTAINMENT INC.
Title Las Vegas From Home.Com Entertainment Inc. to Cease Offering its "Real
Money" Products and Services to All U.S. Based Players
CDNX Symbol: LVH
Press Release
NEWS RELEASE TRANSMITTED BY CCNMATTHEWS
FOR: Las Vegas From Home.com Entertainment Inc.
TSX VENTURE, BERLIN, FRANKFURT SYMBOL: LVH
OTC Bulletin Board SYMBOL: LVFHF
October 13, 2006
Las Vegas From Home.Com Entertainment Inc. to Cease Offering its "Real Money"
Products and Services to All U.S. Based Players
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 13, 2006) - Las Vegas From
Home.Com Entertainment Inc. (the "Company") (TSX
VENTURE:LVH)(OTCBB:LVFHF)(BERLIN:LVH)(FWB:LVH). Since the passing of the
Unlawful Internet Gambling Enforcement Act of 2006 in the United States (the
"Act"), the Company has determined that its licensed operating subsidiary,
Action Poker Gaming Inc. ("APG"), will cease to offer its real money products
and services to all U.S. based players.
Accordingly, APG's Action Poker Network ("APN") will cease taking deposits from
U.S. based players as of October 13, 2006.
To allow for an orderly wind down of the Action Poker Network's U.S facing
business, the APN will remain open for U.S. based players for real money poker
play utilising their existing account balances for one month. At the end of the
one month period, persons in the U.S. will be prevented from playing real money
poker on the APN. In addition, the Company has taken immediate steps to prevent
customers from playing on the APN in certain U.S. States. All players will be
able to continue to play for "Fun" or "Demo" money.
As the Company's current U.S. business represents approximately 28% of the
Company's revenues, the Company believes this closure will have a material
adverse impact to its business. However, the Company will continue to build
upon its Non-U.S. business as well as concentrating on its Asian Multi-Player
Software Platform ("AMSP") business.
Update on Advance Discussions on the Sale of Action Poker Gaming Inc. ("APG")
As reported previously, several parties have expressed interest in the
acquisition of APG. Advanced discussions are in place and based on the most
recent discussions, the Company believes a sale is imminent. However, there is
no assurance that a sale will take place and investors are cautioned not to
rely upon a transaction being completed.
Future Business Initiatives
Jake Kalpakian, President and CEO of the Company, states, "We are all
disheartened with the recent legislative developments in the U.S., but the
reality is, we, as a Company, were already looking at other business
opportunities in different marketplaces. In this regard, we have been building
our unique AMSP for the past 12 months and as a result, are well positioned to
license our software in the Asian region. Not only has the AMSP recently been
soft launched in that marketplace, we have been receiving a tremendous amount
of interest for this particular product from prospective licensees. While we
believe Asia will be a very hard marketplace to crack, our unique Software
should enable us to capitalize on niche or nascent market opportunities in that
region. This direction of building specialized products to serve niche markets
will be the Company's course of action for the future and we expect to be
announcing several promising initiatives in this regard while at the same time
building upon our existing business."
LVFH is an "E-Gaming" Software Developer and provider, and through its wholly
owned Antiguan Subsidiary, Action Poker Gaming Inc., licenses its software to
third parties.
On behalf of the Board of Las Vegas From Home.com Entertainment Inc.
Jacob H. Kalpakian, President
Statements made in this news release that relate to future plans, events or
performances are forward-looking statements. Any statement in this release
containing words such as "believes", "plans", "expects" or "intends" and other
statements that are not historical facts are forward-looking, and these
statements involve risks and uncertainties and are based on current
expectations. Consequently, actual results could differ materially from the
expectations expressed in these forward-looking statements. The Company
disclaims any obligation or intention to update or revise any forward-looking
statement, whether as a result of new information, future events, or otherwise.
- 30 -
FOR FURTHER INFORMATION PLEASE CONTACT:
Las Vegas From Home.Com Entertainment Inc.
Jacob H. Kalpakian
President
(604) 681-0204
Fax: (604) 681-9428
Email: Info@lvfh.com
Website: www.lvfh.com
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
Date 10/13/2006
Time 01:40:00 PM
Company LAS VEGAS FROM HOME.COM ENTERTAINMENT INC.
Title Las Vegas From Home.Com Entertainment Inc. to Cease Offering its "Real
Money" Products and Services to All U.S. Based Players
CDNX Symbol: LVH
Press Release
NEWS RELEASE TRANSMITTED BY CCNMATTHEWS
FOR: Las Vegas From Home.com Entertainment Inc.
TSX VENTURE, BERLIN, FRANKFURT SYMBOL: LVH
OTC Bulletin Board SYMBOL: LVFHF
October 13, 2006
Las Vegas From Home.Com Entertainment Inc. to Cease Offering its "Real Money"
Products and Services to All U.S. Based Players
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 13, 2006) - Las Vegas From
Home.Com Entertainment Inc. (the "Company") (TSX
VENTURE:LVH)(OTCBB:LVFHF)(BERLIN:LVH)(FWB:LVH). Since the passing of the
Unlawful Internet Gambling Enforcement Act of 2006 in the United States (the
"Act"), the Company has determined that its licensed operating subsidiary,
Action Poker Gaming Inc. ("APG"), will cease to offer its real money products
and services to all U.S. based players.
Accordingly, APG's Action Poker Network ("APN") will cease taking deposits from
U.S. based players as of October 13, 2006.
To allow for an orderly wind down of the Action Poker Network's U.S facing
business, the APN will remain open for U.S. based players for real money poker
play utilising their existing account balances for one month. At the end of the
one month period, persons in the U.S. will be prevented from playing real money
poker on the APN. In addition, the Company has taken immediate steps to prevent
customers from playing on the APN in certain U.S. States. All players will be
able to continue to play for "Fun" or "Demo" money.
As the Company's current U.S. business represents approximately 28% of the
Company's revenues, the Company believes this closure will have a material
adverse impact to its business. However, the Company will continue to build
upon its Non-U.S. business as well as concentrating on its Asian Multi-Player
Software Platform ("AMSP") business.
Update on Advance Discussions on the Sale of Action Poker Gaming Inc. ("APG")
As reported previously, several parties have expressed interest in the
acquisition of APG. Advanced discussions are in place and based on the most
recent discussions, the Company believes a sale is imminent. However, there is
no assurance that a sale will take place and investors are cautioned not to
rely upon a transaction being completed.
Future Business Initiatives
Jake Kalpakian, President and CEO of the Company, states, "We are all
disheartened with the recent legislative developments in the U.S., but the
reality is, we, as a Company, were already looking at other business
opportunities in different marketplaces. In this regard, we have been building
our unique AMSP for the past 12 months and as a result, are well positioned to
license our software in the Asian region. Not only has the AMSP recently been
soft launched in that marketplace, we have been receiving a tremendous amount
of interest for this particular product from prospective licensees. While we
believe Asia will be a very hard marketplace to crack, our unique Software
should enable us to capitalize on niche or nascent market opportunities in that
region. This direction of building specialized products to serve niche markets
will be the Company's course of action for the future and we expect to be
announcing several promising initiatives in this regard while at the same time
building upon our existing business."
LVFH is an "E-Gaming" Software Developer and provider, and through its wholly
owned Antiguan Subsidiary, Action Poker Gaming Inc., licenses its software to
third parties.
On behalf of the Board of Las Vegas From Home.com Entertainment Inc.
Jacob H. Kalpakian, President
Statements made in this news release that relate to future plans, events or
performances are forward-looking statements. Any statement in this release
containing words such as "believes", "plans", "expects" or "intends" and other
statements that are not historical facts are forward-looking, and these
statements involve risks and uncertainties and are based on current
expectations. Consequently, actual results could differ materially from the
expectations expressed in these forward-looking statements. The Company
disclaims any obligation or intention to update or revise any forward-looking
statement, whether as a result of new information, future events, or otherwise.
- 30 -
FOR FURTHER INFORMATION PLEASE CONTACT:
Las Vegas From Home.Com Entertainment Inc.
Jacob H. Kalpakian
President
(604) 681-0204
Fax: (604) 681-9428
Email: Info@lvfh.com
Website: www.lvfh.com
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release.
