News

GameCom and Ferris Ratify Acquisition

March 27, 2002

ARLINGTON, Texas & PHOENIX - GameCom Inc. (OTCBB:GAMZ), designer of Net-GameLink interactive Internet gaming kiosks, and Ferris Productions Inc., a virtual reality entertainment company, jointly announced that the due diligence period contained within GameCom's contract to acquire Ferris has been successfully concluded by both companies.

GameCom has instructed its securities counsel to prepare the proxy statement to be filed with the Securities and Exchange Commission and subsequently to be submitted for approval to both companies' shareholders. The transaction will be completed as soon as shareholder approval has been obtained.

L. Kelly Jones, GameCom's chief executive officer, said he expected to complete the Ferris acquisition in June. Projected revenue for 2001 should exceed $5 million, he said, with the possibility of positive per-share earnings by the end of 2001.

The companies will combine their operations and base them in Ferris' current Phoenix office. Corporate and sales functions will be based out of GameCom's Arlington offices.

Last April, Entertainment Technologies & Programs Inc. (ETPI) filed a lawsuit against GameCom, contending Ferris and ETPI had a previous letter of intent. ETPI alleged breach of contract and interference, among other things.

ETPI's letter of intent, executed in March, was for the purchase of all of Ferris' assets. According to a previous GameCom release, though Ferris contended that it terminated the letter of intent on April 17, 2001, ETPI contended that the letter bound Ferris to conduct good faith negotiations with ETPI until at least June 30, 2001.

No information was available at press time on the status of ETPI's suit.

GameCom is now engaged in the sales and marketing of Net-GameLink.

Ferris designs products for the entertainment, simulation, promotion and education industries It's products include virtual reality technology.