GIC Global Intertainment Corporation Announces 100% Completion of Netbetz Acquisition and Grand Opening of Cyberbetz Sportsbook and Casino in August, 1998

Business Wire, July 30, 1998

LAS VEGAS--(BUSINESS WIRE)--July 30, 1998--GIC Global Intertainment Corporation, (United States OTC BB:GGNC), a high technology entertainment and marketing company that specializes in Internet related technologies, announced today that they have completed 100% of the acquisition of Netbetz Inc., a legally operating offshore Internet Gaming and Sports Book wagering company located in Roseau in the Commonwealth of Dominica.

The Netbetz site is currently under complete reconstruction and will be marketed under the name www.cyberbetz.com, starting in August of 1998. Starting the end of July, GIC will contact the over 2000 existing clients of Netbetz to notify them of the grand opening of Cyberbetz in August. Customers will be able to set up new accounts with Cyberbetz starting in August and the site will be fully operational for this year's NFL football season at that time.

None of the principals of GIC Global Intertainment Corporation are American citizens. The Company's offices are located outside of the United States in Canada and in Hong Kong. The Company's gaming operations are located outside of the United States in the Commonwealth of Dominica, West Indies and they are 100% legally licensed by the Government of Dominica in the Caribbean. The Company's Internet Service Provider (ISP) is also located in Dominica in the Caribbean.

GIC will focus its marketing efforts on the global gaming market primarily in Asia (China, Hong Kong, Taiwan, Japan, Korea, Malaysia and Australia) and Europe. The site is currently being translated into Chinese and Japanese to target the gambling customers in Asia for the horse racing season starting in September and October of 1998. Then the site will be translated into German, Italian and French to target the European markets.

CYBERBETZ ACCOUNTS

Upon opening up a new account with Cyberbetz, new clients will receive the following :

1. An initial $25 worth of FREE gambling credits. 2. A Cyberbetz Visa or Mastercard, giving them total control of their

gambling funds and immediate accessibility to their gambling accounts 24 hours a day, 7 days a week. Winnings will be credited directly to their credit card, making the collection of winnings worry-free. 3. Each new client will be eligible in a monthly draw to win a trip

for two to Las Vegas, plus $500 in FREE gambling credits.

BONUSES

1. 10% bonuses will be paid to new accounts with an opening balance

over $1000(a) 2. 15% bonuses will be paid to new accounts with opening balances over

$10,000(a) 3. For "Buddy referrals" with an opening balance of $1000, customers

will receive a $50 parlay bet 4. The first 100 new customer accounts will receive a special gift of

100 restricted shares of GIC Global Intertainment Corporation.

(a) Certain restrictions apply on bonus credits. Contact a Cyberbetz

customer service representative for more details.

CORPORATE UPDATES

GIC is currently in the process of finalizing the acquisition of a second Internet Sports Book and Casino that is currently established, operating for over three years and profitable with over U.S. $30 million in revenues. GIC will seek to establish market prominence by way of mergers and acquisitions of Internet related companies that are already positioned in the market place.

S & S PUBLIC RELATIONS FIRM CONTRACTED BY GIC

GIC is proud to announce they have contracted S&S Public Relations, a high-tech public relations firm that is considered one of the fastest growing PR firms in North America. Specializing in technology related stories, S&S has been in business for 20 years and has offices in Chicago and San Francisco. The Company employs 50 people and has over 100 accounts. The firm has had many success stories and has garnered numerous editor choice awards for its clients.

GIC has already received confirmation that the following publications will be writing articles on Cyberbetz:

1. June and July write-ups at Rolling Good Times, an online

Internet publication that targets avid gamblers. 2. The October issue of Casino Player, a monthly publication with a

circulation of 200,000 3. The December issue of Chance magazine, a monthly publication with a

circulation of 100,000 4. The January issue of Double Down magazine, a publication

specifically targeting gamblers on news stands the last week of January.

GIC Global Intertainment Corporation. is a high technology entertainment and marketing company that searches for proven state of the art technologies that are directly linked to the Internet, specifically in the area of Internet gaming. The Company will separate itself from its competition by issuing its own Cyberbetz Visa and Mastercard to all new clients that open up accounts with the company. This will allow GIC to pay their client's winnings directly to their Cyberbetz Visa or Mastercard with no delay.

UPDATE FROM AUSTRALIA: APPROVED INTERNET GAMING IN 1998

Queensland, Northern Territory and Norfolk Island, in Australia, have all passed legislation authorizing Internet gaming. New South Wales, and Victoria in Australia and New Zealand have also moved to legalize Internet gaming. Other countries around the world are seeing a dramatic increase in revenues from Internet gaming sites and are moving towards participating in the Internet Gaming industry.