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Stocks J / Jackpot Enterprises, Inc.
|Subject: Jackpot to become J Net Enterprises||Date: 3/12/2000 7:22 PM|
|Author: Kcourt||Number: 8 of 12|
Jackpot has announced that they intend to change their name to J Net Enterprises (with voter approval) and that they plan to change the direction of their entire company. Currently, Jackpot is engaged in the largest slot machine business in Las Vegas.
They intend to become the first internet investment holding company on the NYSE. Their investments will center on B2B infrastructure and solutions for legacy business, incubation of B2B enterprises, restructuring of B2B, opportunistic investing with leading venture capital firms. As for their gaming busineess, they are seeking other options. I think they will probably drop that entirely once the other part of their business gets going, but that is just my opinion!
They have appointed CEO Allan Tessler, who comes from Data Broadcasting and CBS Marketwatch.com. On the board they have added Allan Hirschfield, past head of Columbia Pictures.
Jackpot has a market capitalization of more than $100 million, net cash in excess of $65 million, and they have NO debt.
They have been sending shareholders memos from time to time telling us that they were seeking new options to increase shareholder value - wow! I didn't even dream that they had such a big undertaking in mind. I am impressed!
My only concern: can they pull this off. So far, they have only had experience in handling slot machines. Can they undertake a totally unrelated business and make it a success. Only time will tell. I'm willing to hang around to find out. I have had this stock since the early 90's and this is the most excitement that we have ever had.
I'd love to know what others think about this new venture. Do you think it will succeed?
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