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Jackpot, which is reinventing itself as an internet infrastructure company and a manager of technology funds, called JNet Enterprises (after shareholder approval) makes another announcement showing they are really moving in a complete new direction. Here is the article:

Gilbert Global Equity Makes Significant Investment in Jackpot and Invests in Jackpot's Internet Fund

LAS VEGAS, Aug 3, 2000 (BUSINESS WIRE) Jackpot Enterprises Inc. (J), which is being renamed J Net Enterprises Inc. pending shareholder approval, announced that Gilbert Global Equity Partners and certain affiliated entities
have committed to fund $15 million into J Net's first Internet investment fund -- J Net Ventures I LLC.

Gilbert related entities have also committed to purchase $8 million out of a total of approximately $28 million of convertible debentures of J Net. Other investors in the Fund include Global PE Holdings, Ltd., an affiliate of Alpha Investment Management. Other investors in the convertible debt include Alpha Investment Management and members of J Net Enterprises management. The issuance of a portion of the convertible debentures is subject to shareholder approval.

The investment by Gilbert Global, Alpha and J Net management is part of J Net's previously announced plans to transform itself into an Internet infrastructure company and a manager of technology funds. Allan R. Tessler, Chairman and Chief Executive Officer of J Net, noted, "The execution of these capital activities is the culmination of a process which was begun by the company several months ago. We are gratified to have Gilbert Global's participation and their confidence in our strategy."

Gilbert Global Equity Partners is a leading global private equity investment partnership managing over $1 billion in committed capital on behalf of major US and international institutional and private investors. The Gilbert Global Equity Partners' portfolio includes investments in Corvis (CORV), an ultra high-tech developer of the next generation of data flow solutions for the fiber optic/telecommunications industry; Amkor (AMKR), the world's largest independent provider of outsourced semiconductor packaging, design, assembly and test services; One.Tel (ASX:ONE), a provider of telephony services, primarily to residential customers in Australia, including digital mobile technology, national and international long distance, Internet access and phone cards; and
the Optical Capital Group, which develops optical networking systems, equipment, components, and subcomponents through a network of partner companies.

Gilbert Global Equity Partners is headed by Steven J. Gilbert. Gilbert founded Soros Capital, Commonwealth Capital Partners and Chemical Venture Partners (now Chase Capital Partners). Gilbert has 30 years experience in private equity
investing, investment banking and law.

Commenting on the announcement, Allan R. Tessler, Chairman of J Net, noted, "The partnership with Gilbert Global Equity Partners will enable J Net Enterprises to greatly expand its global reach. Specifically, we anticipate increased deal flow in the areas of optical networking and technology infrastructure as Gilbert Global has established itself as a leading investor in these areas. Gilbert and his team bring vast private equity and venture capital experience and relationships and an outstanding tract record to the J Net network of companies," stated Tessler.

Jackpot Enterprises Inc. (J), to be renamed J Net Enterprises Inc. pending shareholder approval, recently announced a series of actions to leverage its assets, cash position and online and offline expertise to invest in and incubate innovative, Internet-related business-to-business and e-service enterprises and to support the migration of traditional businesses to the Internet. As part of this shift, the Company has established J Net Ventures I fund focused on Internet-related investments. The Company has entered into a definitive agreement, which is subject to certain regulatory approvals and closing conditions, to sell its gaming operations.
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