I started trying to get in this yesterday @ 01 and after sitting at the bid all morning I finally decided to buy at the ask of 014 and added @ 015. The volume poured in late in the day and ran it to a close of .035
I know the stock has already made a big move but it might be worth watching for a pullback. This group has a very interesting patent and if things take shape this could end up being a nice runner.
COMPANY WEBSITE:
Kenilworth Systems Corporation: Online Gambling and Satellite Casino Participation with Roulabette.
SHARE STRUCTURE:
Shares: 490.037 million
Float: 418.677 million
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Kenilworth readies for global remote live Internet casino gaming
Lottery participation will prevent underage and compulsive gambling.
Press Release
Source: Kenilworth Systems Corporation
On 11:52 am EDT, Friday July 10, 2009
Companies:Kenilworth Systems Corp.
MINEOLA, NY, July 10 /PRNewswire-FirstCall/ - Kenilworth Systems Corporation (Pink Sheets: KENS.PK - NEWS; "Kenilworth") ...reported today that it has entered into a six (6) month online Test Simulcast Broadcast Agreement with Caribbean Casino & Gaming Corporation.(OTC: CGAQ.PK - News)
Caribbean is a gaming and entertainment company that operates the Sousa Grand Casino at Sousa Bay Resort in Puerto Plata, Dominican Republic. Caribbean is relocating the casino to larger facilities in a 250 room hotel within the resort to accommodate more table games, conducting Caribbean Stud Poker and Texas Hold'em tournaments.
Kenilworth owns patents in the US and fifty-one other countries including China, Japan and Russia which presently offer gaming in more than 2,000 licensed regulated casinos. The patents cover systems and methods to allow players from remote locations to wager on games such as roulette, craps and baccarat, as if they are actually participating in the live in-progress games at the casino table of their choosing, from a selection of casinos anywhere in the world.
The Internet Gambling Regulation, Consumer Protection and Enforcement Act of 2009 (H.R. 2267) introduced by Congressman Barney Frank (D., Mass.), Chairman of the House Financial Services Committee will, if passed by Congress, legally sanction online Internet gaming in the U.S., the world's largest gambling market. The primary incentive for passage of this legislation is the potential tax benefit to local, state and federal jurisdictions. Price WaterhouseCoopers recently estimated that Internet gambling in the U.S. could raise nearly $52 billion in revenue over the next decade.
On June 9, 2009 the federal government froze more than $33 million in three accounts of payment processors that handle the winnings of twenty four thousand online poker players. The Justice Department has long maintained that Internet gambling is illegal.
The Poker Players Alliance said that the U.S. Attorney for the Southern District of New York instructed the three banks to freeze the accounts as "legally seized" by the Federal Bureau of Investigation stating that the government has probable cause because the gambling payments of the U.S. residents had been directed to offshore illegal Internet gambling businesses.
The Department of Justice's (DOJ) action of seizing money belonging to online poker players in the United States may be an indication that, through the proposed Internet gambling legislation, the government intends to limit poker playing to actual live games played at casinos. Poker is a game of skill, not a game of chance. Excluding Internet Poker playing would greatly reduce the scope and extent of Internet online gambling regulations to be promulgated and enforced by the DOJ. Casino Control Commissions are already in place and strictly enforced by federal and state regulators.
Kenilworth's patented technology includes the use of lottery-type terminals that accept cash only deposits. Players mark their tickets, similar to lottery tickets, which contain their TV or laptop identification number, together with the amount to be deposited or withdrawn. From that point on, the procedure is the same as selecting lottery numbers. The game winnings are automatically calculated in the manner lottery winnings are determined. The wager is initially debited from the account, with the account credited, if a winner.
When state operated lotteries become involved, a prime motive will be to ensure responsible gambling by managing the wagering with data systems which can identify problem gamblers and limit or shut down players with identifiable patterns of compulsive gambling. A further requirement for any system sanctioned by states will be the prevention of underage participation. Lotteries will also limit the amount that may be deposited or held on deposit at specified intervals of days, weeks or months. The ability of Kenilworth's patented system to support all of these anticipated requirements is considered to be a significant competitive advantage in the emerging market.
Herbert Lindo, Chairman and CEO of Kenilworth stated: "we believe that, as has already happened in the field of horse racing, simulcasts of remote casino games to homes, cell phones, racetracks, hotels, resorts, restaurants and bars will become a major trend in gaming. Since the development of the Internet, millions of people have chosen to gamble online and today Internet gambling is offered in many different countries under a variety of licensing and regulatory regimes. It appears there will be a potential annual global market of as much as $500 billion in total Internet wagering in the near future."
Lindo further stated that: "Denmark, Sweden, Poland, Switzerland and France have either passed or are preparing to pass legislation to open the market for remote live games from casinos within their own borders. The legislation is also intended to protect gamblers from manipulation by discouraging virtual wagering and betting on number generated games from studios in the U.K and other Channel Isles. These are likely to be the first sanctioned Internet gaming activities to yield significant tax revenues. The Kenilworth system being tested by Caribbean is intended to support wagering for such live casino table game broadcasts. Our intent is to aggressively market this gaming technology and pursue licensing arrangements with casino operators in all nations where we enjoy patent protection."
As part of the Test Agreement, Kenilworth will pay Caribbean one half of one percent (.5%) of the net earnings derived from Kenilworth's patents and technology on a global basis.
KENS ... Kenilworth Systems (OTC)
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