Interactive Systems Worldwide (ISWI) signed a letter of intent wi...
Interactive Systems Worldwide (ISWI) signed a letter of intent with Techmatics for joint development and marketing of a new horse-racing Web product enabling fixed-odds exotic race betting while satisfying pari-mutuel rules, they said. Techmatics will design the product; ISWI…
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will program. Both companies will retain marketing rights. ISWI will be entitled to royalties on use of its developed software. Techmatics will invest $1.8 million in ISWI in exchange for 2.4 million shares of common stock. The transaction is subject to the parties signing a definitive agreement, and Techmatics raising of the needed capital. Last year, the Unlawful Internet Gambling Enforcement Act and other federal legislation made pari-mutuel horse race wagering the only legal form of online wagering in the U.S. (WID May 26 p4).