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Kenilworth Closes WagerPort Venture(March 01, 2012)
LAS VEGAS, NV -- (Marketwire) -- 03/01/12 -- Kenilworth Systems Corp. (PINKSHEETS: KENS) today announced another important milestone in its pursuit to monetize its patented, live-action casino wagering technology: the formation of a joint-venture company to complete development of online wagering applications for casino clients.
Kenilworth's subsidiary, KenSysCo Gaming Inc., has entered into a definitive agreement with South African company, Phortner (Pty) Ltd., a leader in technology for secure processing of online payments and ATM operations. The venture, called "WagerPort," will make use of both KenSysCo and Phortner patents in the development of its online wagering applications.
"The agreement with Phortner is a critical step for Kenilworth," noted CEO Dan Snyder. "Kenilworth's expertise is in the high-definition video capture, streaming, and display of live casino action. Phortner's patented technology provides for secure money transfer and wagering audit data as required by a well-regulated industry."
WagerPort Inc. will be co-located with KenSysCo Gaming in Las Vegas drawing on management from both Phortner and Kenilworth, as well as from the vast pool of experienced international gaming professionals based in Nevada.
As to Kenilworth wagering technology, "What happens in Las Vegas will definitely not stay in Las Vegas!"
Kenilworth Systems Corporation is an integrated technology corporation with intellectual property assets and technical capabilities in the live online gaming sector. The Company is based in Uniondale, New York and has a subsidiary, KenSysCo Gaming, Inc. in Las Vegas, Nevada.
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.
Kenilworth Systems Corporation
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