Press Release for Virtual Gaming Enterprises I


Asgard Holdings, Inc. -- fka Virtual Gaming Enterprises, Inc. -- Executes Enrollment Letter of Intent With International MLM
5/10/2004 10:14:00 AM
ESCONDIDO, Calif., May 10, 2004 (BUSINESS WIRE) -- Asgard Holdings, Inc., (Fka: Virtual Gaming Enterprises, Inc.) ( VGME ) announced today that through the Joint Marketing Arrangement with Victory Capital Holdings Corp. ( VTYC ), it has executed an Enrollment Letter of Intent with SYZYGY, Inc., a leading International Multi-Level Marketing Organization.

"As the Company previously announced, we were in the initial stages of negotiation with an International MLM to offer the Global Card WageWire Payroll solution. As the negotiations turned into contractual execution, we realized that SYZYGY, Inc.'s growing outside sales organization had a gap in how it communicated with both their staff as well as their consumers, and the OnDemand suite of products was the logical first step in filling that gap," stated Mr. Williams, CEO of Asgard. Mr. Williams added, "With this initial order, the Company will realize immediate quarterly revenues and we also look forward to completing the original Global Card Payroll solution order with SYZYGY, Inc. in the coming weeks. As this enrollment continues, we will be announcing revenue guidance for the coming months in hopes that our shareholders can follow the growth and success of our Company."

Mr. Williams stated in closing, "We know that the shareholders and investment public alike are watching as the company continues to advance in its new business direction, and we are still in the process of restoring our Company to the Over the Counter Bulletin Board. We are confident that with our shareholders' continued support both such endeavors will prove successful. As I stated earlier, we will continue to provide updates as these very positive business matters unfold."

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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