Interactive Gaming and Communications Corp.
Supplement
to
Proxy Statement
_____________________________________
Special Meeting of Stockholders
to be held on March 18, 1998
_____________________________________
This Supplement to Proxy Statement is being furnished
to the stockholders of Interactive Gaming and Communications
Corp. (the "Company") in connection with the Special Meeting of
the Shareholders of the Company to be held on Wednesday,
March 18, 1998 (the "Special Meeting").
This Supplement amends and supplements the Company's
proxy statement dated February 14, 1998 (the "Proxy Statement").
It is being furnished by the Company in order to provide
additional information not set forth in the Proxy Statement.
This Supplement uses the same definitions as the Proxy Statement.
Reasons for the Sale - United States Gaming Laws
The Proxy Statement identifies the material factors
considered by the Board of Directors in reaching its conclusion
that the sale of Sports International, Ltd. and Global Casinos,
Ltd. is in the best interest of the Company and its shareholders.
The first factor identified is that the Company has come under
legal attack from governmental authorities which assert that the
activities of the Company's Grenada subsidiaries may constitute
gambling within the United States which is subject to regulation
within the United States. Although the Company disputes those
assertions, because the Company does not have the financial
resources necessary to defend its position for an indefinite
period of time, or to set the legal precedents necessary to
preclude future legal attacks from other governmental
authorities, the Board believes it is necessary and prudent to
sell the Internet Gaming Business.
In reaching that conclusion, the Board believes that the
Sale will effectively remove the Company from actually conducting
the Internet Gaming Business, since the Company will no longer
have any involvement in promoting games, setting odds, taking
wagers, making credit decisions about customers, collecting
money, or making payouts. That conclusion is not altered by the
fact that the Company will license its computer software to
International Gaming for International Gaming's use and will be
paid royalties by International Gaming based upon the gaming
revenue associated with the operations involving the Company's
computer software. The Company has consulted its gaming legal
counsel and has been advised that the Sale and the subsequent
license of computer software does not constitute the conduct of
gambling operations by the Company. However, there can be no
assurance that a governmental authority or foreign jurisdiction
may not contend that the Company continues to be involved in the
conduct of gambling operations on account of the structure of
this transaction.
