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February 23, 2001 06:40am
PrivateCasino.com Launches With Profits For Private in First Month of Operations
Source: Private Media Group Inc.
by: Company Press Release

(BARCELONA, Spain) -- Private Media Group Inc. (Nasdaq: PRVT - news), worldwide leader in premium-quality adult entertainment products, services and Internet contents, today announced the launch of PrivateCasino.com, an online gambling site.

Private Media Group has signed an agreement with Eventures NV and under terms of the agreement Eventures will fund all operating costs including: hardware, software, development, maintenance and hosting. Private provides marketing and branding.

During the first month of operation, PrivateCasino.com registered bets at approx. $200,000 with profits to Private of $8,000. The company believes that profits to Private during 2001 will be in the region of $150,000-$200,000.

The Private Casino, legally licensed and fully insured, offers the most prominent casino games including Blackjack, Baccarat, Caribbean Stud, Video Poker, Roulette, Slots and new features every month. The payouts of all the games are designed to be comparable to the top casinos in Las Vegas and conform to the strictest Nevada Gaming rules, all accounts are 100% insured and all games are independently tested by SafeBet(TM) for accuracy and fairness. The software and infrastructure developed are the most technologically advanced in the world.

According to estimates, the Internet gambling industry presents a strong growth picture with revenue projections of $810 million for this year. In 2002, the revenue projection surpasses $4.5 billion, with some estimates reaching as high as $10 billion by the year 2003.

PrivateCasino.com is the first of a series of ventures part of a new strategy to expand into additional revenue streams on the Internet. The strategy is aiming to capitalize on existing and future strategic alliances with major traffic generators and is expected to have an immediate positive effect on bottom line.

The leading publicly-quoted adult entertainment company in the world, Private Media Group Inc., is the founder of the globally established brand name 'Private' and has positioned itself in the marketplace with a visionary management strategy that combines both New Economy (Internet, multimedia, e-commerce) and Old Economy (videos, magazines) business models. Maintaining a total adult lifestyle philosophy, this is reflected in the Company's broad range of products and services, both proprietary and licensed, and its strategic policies of development, diversification and acquisition.

For more information about Private Media Group, please visit the Company's corporate Web site at www.prvt.com.

To view the new site, please go to the following link: www.privatecasino.com

This release contains, in addition to historical information, 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, which reflect the Company's current judgements of those issues. However, because these statements are forward-looking and apply to future events, they are subject to unpredictable circumstances, which could lead to results materially different from those anticipated by the Company.

For further information, please contact: In Barcelona, Spain: Andre F. Ribeiro of Private Media Group Inc., +34-679-983-772, andre@private.com.



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