News

TrackPower and Post Time bet on kiosk/ATMs

March 26, 2002

NEW YORK - TrackPower Inc. (OTCBB:TPWR) has released details of the exclusive agreement with Post Time Technologies Inc. (PTT) it announced in May (see "Racing fans to get RaceVision").

RaceVision kiosks can show horse race video replays and archives of races at racetracks or gaming facilities including sportsbooks, casinos, off-track betting locations and thoroughbred, harness and greyhound racetracks. The kiosks can be incorporated with an ATM. The kiosk/ATM system may deliver information, cash, advertising content, loyalty programs, integrated race information, entries and results, live and archived video, e-commerce and other applications.

Under the agreement, if PTT's RaceVision Kiosks are combined with an ATM, TrackPower Inc. will be the only seller of the kiosks.

PTT will receive 100,000 common shares of TrackPower as a commission for every location that places kiosks/ATMs. The non-ATM profits will be shared between TrackPower, PTT and the racetrack. PTT and TrackPower will each receive an equal share of the ATM revenues.

Hardave Gill, president of PTT, will become president and a director of TrackPower. Vicky Stickwood-Hislop, vice president of PTT, joins the Trackpower board and becomes managing director.

For its services, Post Time will take a management fee of $25,000 per month and warrants to acquire two million common shares at $0.10. Hardave Gill will receive an additional one million shares. Vicky Stickwood-Hislop will receive 500,000 shares, both at $0.10.

Stephen Cussons resigned as president and chief executive officer of TrackPower but will remain as a director. John G. Simmonds becomes chief executive officer in his place.