We reproduce below the exact Press Release on the forthcoming World Chess Championship 1999.

After several weeks of negotiations Serge Grimaux proudly announced today that World Champion GM Garry Kasparov and Challenger GM Viswanathan Anand, #2 World Player and two time Chess Oscar Winner (NIIT Brand Ambassador), both signed a very detailed and professionally prepared contract whereby the World Champion will defend his title against the Challenger in a World Championship to be held in the last quarter of this year.

Bessel Kok, Chairman of the Organizing Committee further composed of GM Fridrik Olafsson and Dr. William Wirth stated: This is the Championship everybody has been waiting for and which certainly will be considered as the Millennnium Battle of the Minds. Sixteen games will be played. Incase of a draw GM Kasparov will retain his title. The Prize Fund will be of US$3,000,000.

The signatories to the agreement have agreed to an exciting format where instead doff granting the runner-up of the 1999 World Championship an automatic rematch, there will instead be a new Challenger Cycle in 2000 the winner of which will be nominated the Challenger for the next World Championship title scheduled for 2001.

As Serge Grimaux stated: I would like to thank World Champion, GM Garry Kasparov as well as GM Viswanathan Anand #2 World Chess Player and twice Chess Oscar Winner, for having refrain from the right to request a rematch in case they would loose the Championship, hereby clearing the way for a financially attractive Challenger Cycle.

The Ultimate World Chess Championship will be under the supervision of the Organizing Committee which will meet next this coming July 10, 1999, in Prague, Czech Republic, during the Garry Kasparov aortal Trophy 1999 match, featuring GM Alexei Shirov Vs. GM Judith Polgar, and will then review the overall status and important elements of the event.

Serge Grimauz, was the organiazer of the very successful EuroTel Chess Tournament pressented in Prague last September where GM Garry Kasparov deteated GM Jan Timman. From The Rolloing Stones to Maestro Luciano Pavarotti, from David Copperfield to the Alvin Ailey American Dance Theatre Company, from Miles Davis to Michael Jackson, he has been involved in live presentations of all sorts for the last twenty five years, in Canada as well as in several European countries.