Two Omaha, Neb., Firms Complete Merger, Expand Internet Gaming Business.

Knight Ridder/Tribune Business News

Oct. 14--International Beverage Corp. of Omaha has completed a merger with Global Entertainment Holdings/Equities Inc. of Omaha in a stock-for-stock transaction valued at about $14 million.

International Beverage will adopt the Global Entertainment name and its line of business, which is Internet gaming.

Global Entertainment, which is traded on the over-the-counter Bulletin Board, develops and licenses Internet gaming software through its Interactive Gaming and Wagering subsidiary. The online wagering software is being licensed by one online sports wagering website, www.VIPsports.com, and one promotional website, www.VVsports.com.

In August, International Beverage said it canceled an agreement to acquire Beverage Source Worldwide Inc., a Del Mar, Calif.- based firm that holds the license from Rawlings Sporting Goods Co. to produce and market sports drinks under the Rawlings name.

International Beverage has filed a lawsuit against Beverage Source's management for possible nonperformance and misappropriation of money.

Steven Abboud, spokesman for Global Entertainment, said that the company wanted to find a quick investment for their stockholders following the problems at Beverage Source.

Internet gaming is a "promising industry" with international growth potential, he said.

(c) 1998, Omaha World-Herald, Neb. Distributed by Knight Ridder/Tribune Business News.