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To: Drake who wrote (0)9/8/1999 11:10:00 PM
From: Roofman of 130
 
Highlights of the wallstreetreporter.com interview with Richard Iamunno:

I just finished listening to the interview of Richard Iamunno at http://www.wallstreetreporter.com. It is excellent!! Iamunno is bright and
articulate, and clearly has a strong grasp on his business and the internet-gaming industry. Strongly advise you all listen. In the mean
time, the following are some of the highlights from the interview. Note: Some of the below quotes are paraphrased, but I believe
accurately reflect the intent of Mr. Iamunno's comments.

Highlights from the Interview:

* Iamunno first became involved in i-gaming, part time, in 1993-1994. Moved into it full time in 1995.

* Made a consious decision, from the beginning, to be only a supplier of i-gaming software, not to "cross the line in becoming an
operator".

* Common misconception: i-gaming will NOT replace the traditional casino industry.

* Therefore, the best way for i-gaming to "fit in" is to target established casino customers, and expand the horizons of their gaming
opportunities. AIEE can afford the land based casino operator the "ability to touch their players 24 hours, 7 days, 52 weeks per year".

* AIEE has a full set of casino games. Consistently developing new games.

* AIEE has full sports wagering system. Only system that integrates the European, Australian and South African systems of sports
wagering".

* AIEE has a lottery business. "Big growth market".

* AIEE has a Bingo business.

* AIEE has a portable wireless gaming device which effectively "expands the floor of the casino". Will allow people to play slot
machines or video poker games in "secure areas (of the casinos), such as restaurants, bars or even pool areas".

* AIEE "didn't want to be in any grey areas". AIEE Deals "only with licensed and regulated environments that offer and allow internet
gaming". AIEE is focusing on Australia, South Africa, Europe and the Carribean.

* AIEE has operations in Australia, South Africa and now in London.

* Found investment partners in South Africa in 1998. They are currently AIEE's largest shareholders. AIEE is actively working with
regulators in South Africa to help formalize legislation, since they have decided to legalize and regulate internet gaming.

* AIEE now has two offices in Australia. A major office in Sydney and a satellite office in Brisbain (?).

* Revenue Model: Licensee charges vary. For licensees that do NOT do business in the U.S., AIEE gets an upfront fee plus 10% of
wagers. For licensees that do operate in the U.S., AIEE charges an up-front fee, but does NOT participate in revenues.

* Transition year in late 1998 when they "slowed down sales and marketing efforts" and put all their resources into software
development. They did this because they wanted to be ready when the land-based operators started "coming into the fold", as they are
now. Completed 2nd generation software in the first quarter of 1999.

* Expect approximately $3MM revenues for the current fiscal year. Expect to "probably" show a loss of "$1MM or less" for this year.

* Have now started generating recurring revenues.
* Increased employees from 13 to about 50.

* Anticipate revenues of "close to $10MM" for next year, with "net earnings of over $2MM after tax".

* Major Challenges for the Future: Regulatory issues. Need growing infrastructures. "Pretty well positioned in terms of educating the
marketplace". Work within whatever the regulatory environment is. "Very fortunate that they have taken the approach that they are a
supplier and not an operator and that they respect the regulations of whatever jurisdiction they are working in".

* Will be changing their name to On-Line Gaming Systems.

* Company has a "very strong infrastructure". "Strong knowledge of the marketplace". Has "been in this longer than anyone else".
"Very very conservative".

* Company has positioned itself to work within the traditional gaming and wagering marketplace. Not to the entrepreneur who wants to
get into the internet business. Revenues are very substantial in this marketplace.

* "Stock price has not reflected a lot of the upside that the company is going to be coming into in a very short period of time".
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