Las Vegas From Entertainment Inc.
OTC Bulletin Board : LVFHF

Las Vegas From Entertainment Inc.

August 29, 2007 23:00 ET

Las Vegas From Entertainment Reports Second Quarter 2007 Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2007) - Las Vegas From Entertainment Inc. (TSX VENTURE:LVH)(OTCBB:LVFHF)(BERLIN:LVH)(FRANKFURT:LVH) (the "Company") or ("LVFH") today announced results from operations for the three and six months ended June 30, 2007.

All financial figures are in Canadian dollars.

Q2 Progress

As a result of the recent legislative developments in the North American market and the significant potential in the nascent Asian market, the company has focused its strategic efforts on developing a multi-player gaming platform targeted at the Asian market. The Company has turned its focus towards developing specific products for specialized markets.

The second quarter of 2007 was a transitional one for LVFH and does not reflect the progress the Company has made with its product and its market position in Asia according to Jake Kalpakian, President and CEO. "Our Q2 numbers were impacted due to a combination of factors. As a result of a strengthening Canadian dollar during the quarter, the Company was negatively impacted by approximately $500,000 just in Foreign Exchange fluctuations. Other factors also significantly adding to the negative impact were stock-based compensation, amortization and a special one-time goodwill marketing rebate. Furthermore, the Company's decision to delay the commercial launch of its own website in favour of concentrating on the development of a specific business initiative must also be considered in this quarter's results".

The Company incurred a loss of $1,641,628 as compared to a loss of $360,306 in Q1 2007 and a loss of $853,501 for the comparative quarter in 2006.

Mr. Kalpakian continues, "As mentioned above one must note the nature of the factors which contributed to this quarter's results. More importantly, we believe the steps we have taken to improve our product and business relationships in Asia have better positioned us for the future. While it's taking longer than anticipated, this "improved positioning" is already evident by the fact we have made significant progress with certain business opportunities. With approximately $6.5 million in the bank, we are well situated as we look ahead".


The Company's second quarter generated revenue from continuing operations for the three month period ended June 30, 2007 was $126,428, as compared to $918,363 in the first quarter of 2007. The Company actually generated $481,050 revenues in Q2 but $354,622 of that amount was waived in favour to a Licensee as a special one-time goodwill marketing rebate due to operational downtime because of software upgrades. Revenue from continuing operations for the year ago period was $nil due to the sale of APG and the re-classification of the APG operations to discontinued operations.

Interest income in Q2 was $81,678 as compared to $83,371 in Q1 and $13,826 for the comparative quarter in 2006 due to the sale of APG and the re-classification of APG operations to discontinued operations.

Consolidated Statements of Operations and Deficit
Six Months Ended June 30
(Canadian Dollars)

Three Months Ended Six Months Ended
June 30 June 30
2007 2006 2007 2006
(unaudited) (unaudited) (unaudited) (unaudited)

REVENUES $ 126,428 $ 0 $ 1,044,791 $ 0

Sales & Marketing 133,220 154,384 229,890 282,574
General &
Administrative 315,692 338,494 685,912 656,162
& Support 709,757 573,583 1,360,301 1,000,068
1,158,669 1,066,461 2,276,103 1,938,804

AMORTIZATION (1,032,241) (1,066,461) (1,231,312) (1,938,804)

Amortization 62,953 160,489 127,842 297,668
Stock based
compensation 190,007 8,649 436,582 83,419
Bank charges,
interest and
foreign exchange 386,163 67,684 348,303 58,970

ITEMS (1,671,364) (1,303,283) (2,144,039) (2,378,861)
Other items
Gain on settlement
of debt 29,736 0 142,105 0
Write up/(down) of
securities 0 0 0 (41,127)
29,736 0 142,105 (41,127)

Income taxes 0 0 0 0

OPERATIONS (1,641,628) (1,303,283) (2,001,934) (2,419,988)

Earnings from
operations 0 449,782 0 1,881,615

PERIOD (1,641,628) (853,501) (2,001,934) (538,373)

Deficit, beginning
of period (23,732,128) (18,463,266) (23,371,822) (18,778,394)

Deficit, end of
period (25,373,756) (19,316,767) (25,373,756) (19,316,767)
Weighted average
number of shares 101,395,075 97,203,825 101,395,075 97,203,825
Net and fully
diluted loss
per common share (0.02) (0.01) (0.02) (0.01)

LVFH's financial statements for the quarter ended June 30, 2007 are available on SEDAR at

About Las Vegas From Home.Com Entertainment Inc.

The principal business of the Company and its Antiguan subsidiary, MT Ventures Inc. ("MTV") is the development and marketing of software for on-line multi-player interactive games. The gaming and entertainment operations are carried on by MTV. The principal revenues of MTV are from licensing fees and royalties.

On behalf of the Board of Las Vegas From Entertainment Inc.

Jacob H. Kalpakian, President

This release does not constitute an offer for sale of securities in the United States.

Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes", "plans", "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Las Vegas From Entertainment Inc.
    Jacob H. Kalpakian
    (604) 681-0204
    (604) 681-9428 (FAX)