Kenilworth Systems Corporation ... Kenilworth Systems Corporation
("Kenilworth") in an 8-K filing today reported that the Company's Annual
Report for the period ended December 31, 2005, after having filed an
extension until April 17, 2006, will be further delayed for approximately
two (2) weeks. Herbert Lindo, Chairman and CEO stated the delay is caused by
the extensive expenses incurred in continuing negotiations taking place in
the Philippines with a Philippine government authorized agency, the
acquisition of Lighthouse Supply and Services, Inc. in the Philippines, all
of which require Independent Auditors confirmation and the lack of qualified
staff personnel that left the Company in November 2005, which have not as
yet been replaced.
As previously reported, the Company sustained a loss of $3,267,912 for the
nine (9) month period ended September 30, 2005 which included a
non-operating loss of $1,250,000. The Company expects these losses will
continue until its "Roulabette(R) System" becomes acceptable to the
worldwide Casino and Lottery Industry.
Roulabette(R) is the brand name, coined by the Company, for a method and
system for placing wagers on live, in-progress casino table games broadcast
to digital satellite and digital cable subscribers, such as Roulette, Dice,
Baccarat and more, at sites remote from the actual casino table at which the
game is taking place.
With the patented Roulabette(R) System, the actual wagering takes place at
the receiving television set managed by the microprocessor installed in the
set-top boxes (both cable and satellite) or as an attachment to the TV set.
The wagering is not managed by the casino that broadcasts Roulabette(R). It
is a one-way transmission requiring only the consent of the receiving
jurisdictions. The Roulabette(R) casino is next door, doesn't have the
costly bricks and mortar, and can be managed to prevent the under aged from
participating and shut out the compulsive gamblers by using lotteries to
manage the cash handlings.
posted by Jerry "Jet" Whittaker at 4/19/2006 02:41:00 PM
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