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Virtual Gaming Enterprises Enters Negotiation to Offer the WageWire Payroll Solution to International MLM
4/26/2004 10:18:00 AM
ESCONDIDO, Calif., Apr 26, 2004 (BUSINESS WIRE) -- Virtual Gaming Enterprises ( VGME ) announced today that it has entered the initial stages of negotiation with an International Multi-Level Marketing company to offer their current 250,000 members the WageWire Payroll Solution.

As a further update to the shareholders, the Board of Directors of Virtual has recently approved the amendment to the Articles of Incorporation to change the name of the Company to Asgard Holdings, Inc. As such, the Company has filed a Certificate of Amendment under the Nevada Revised Statutes to effect this amendment. As of this date the Secretary of State of Nevada has accepted the amendment. The Company plans on requesting a new CUSIP and symbol identifier this week.

Mr. Virgil Williams, CEO of Virtual Gaming commented, "With the growing need to lower human resource cost, the WageWire Payroll solution is a perfect tool that employers can deploy for the distribution of employee funds in real time. This Multi-Level Marketing organization has a current member base of 250,000 active participants and plans to grow to over 700,000 in the trailing 12 months. As stated in an earlier announcement the American Payroll Association estimates the potential cost savings for lost paycheck replacements alone is estimated at $48 million annually. With most employers paying between $8.00 and $12.00 to reconcile each payroll check, the WageWire Payroll Solution Card offers this cost reduction savings. The cost to the employer is ranging between .25 and $1.00 per payroll transaction, a tremendous cost savings to the traditional methods employed."

Virtual Gaming is also in the final stages of negotiations with On Demand Communications, Inc, a subsidiary of Victory Capital Holdings Corp. ( VTYC ) to offer their suite of Enhanced Unified Communications products in connection with the already existing Global Card, Inc. agreement.

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission.

SOURCE: Virtual Gaming Enterprises

Virtual Gaming Enterprises, Escondido
Virgil Williams, 760-510-0088

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