TORONTO, Feb. 24 /CNW/ - SUNGOLD INTERNATIONAL HOLDINGS CORP. ("Sungold") (PINK SHEETS: SGIH, Frankfurt: WKN 608164, Berlin)
The Sungold International Holdings Corp. Annual General Meeting is March 1, 2010 in Toronto, as posted on the website, www.sungoldintl.com. The company wishes to provide the shareholders this updated information as it will be presented at the meeting. Sungold(R) currently has a number of key projects in progress, including the following.
We are preparing for the launch of www.racingtheworld.com, Silks Corporation's advanced deposit wagering site (ADW) for online horse race wagering. Our software is hosted on a new secure co-location hosting facility in Bismarck North Dakota, operated by BTInet.. A secure T1 connection between the server and the tote provider is on order for installation this week. Silks Corporation has signed a contract for live race video display and race replay on the site. Race track signal acquisition is underway in preparation for having a good selection ready for live wagering, which is expected to commence within the next few weeks.
Sungold(R) is also preparing an Energy Conservation and Demand Management (ECDM) solution, a joint venture project with our Chief Technology Officer, James Adams. It is real-time application software for measurement, control and management of energy consumption for introduction in the world wide utility and commercial business market where electricity spot prices vary dramatically in peak periods. These factors offer opportunities for increased cost savings compared to current methods and load shifting through operational efficiency management. The company has submitted its first tender on a significant opportunity for this system.
Sungold(R) recently acquired a new subsidiary, SportVend International Inc., which is marketing self-serve touch screen kiosks that dispense a wide variety of products. The vending kiosks can be monitored and managed through Internet connections and can include digital advertising. These Kiosks and cell phone charging units, which can quickly charge a wide variety of cell phones, iPods and laptops, have generated considerable interest.
The Racing Unified Network (R.U.N.) Inc. subsidiary has introduced International Horse Racing Digest, a newspaper available in both print and electronic format at www.internationalhorseracingdigest.com. Silks Media Corporation has scheduled the next issue of ThoroughbredStyle Magazine for print in the spring of 2010.
"We appreciate our shareholders' patience during this time of product development." said Keith Blackwell, President and CEO. "We believe we have developed a diversified stable of exciting projects and the time invested was related to their complexity. We now look forward to implementation."
About Sungold International Holdings Corp.:
Sungold(R) is a diversified holding company in the business of developing online horserace wagering, energy management, kiosk distribution and niche market publishing in the USA, Canada and Internationally. Sungold(R) has four wholly owned subsidiaries: Silks Corporation, Horsepower Broadcasting Network (HBN) International Ltd., Racing Unified Network (R.U.N.) Inc., and SafeSpending Inc. Silks Corporation holds a 44% interest in Silks Media Corporation which publishes ThoroughbredStyle Magazine. Sungold(R) is a fully reporting public corporation trading as SGIH-OTC.PK.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: The statements in this press release that relate to the Company's expectations with regard to future impact on the Company's results from new products in development are forward looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Such information may contain statements that involve risks and uncertainties and is subject to change, at any time. The Company's results may differ materially from expected results. Information on the factors, which could affect the Company's operations or financial results, is included in the Company's reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission.
SOURCE SUNGOLD INTERNATIONAL HOLDINGS CORPORATION
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