Apr 13, 2005 (BUSINESS WIRE) -- CYOP Systems International Inc. (CYOS) , a leading provider of online video games, tournaments of skill and poker, is pleased to announce that it has reached an agreement with Prime Multimedia International LLC to manage the hosting and systems administration for its new Poker games.
With the impending launch of new poker games as well as the launch of the co-branded Asian Poker with Sina.com, the Company believes that additional facilities that can handle huge loads of traffic is critical to operations. The new hosting facilities and new hardware is scalable, and has initial capacity to handle 40,000 concurrent players.
The Company also expects that it will increase its number of registered players, and with the new facilities, will be able to handle a database of millions of users.
IP: Logged |
posted
CYOP Systems to License Online Poker; Company to Launch Subsidiary Licensing Arm in United Kingdom via COMTEX
May 2, 2005
BEVERLY HILLS, Calif., May 02, 2005 (BUSINESS WIRE) --
CYOP Systems International Inc. (OTCBB:CYOS), a leading provider of online video games, is pleased to announce it will be launching a Poker Software licensing wholly owned subsidiary, Red Felt Software Ltd. based in the United Kingdom.
The Company has engaged a London firm to form and register the new subsidiary in the United Kingdom. There is new legislation in the UK that is intended to strengthen the regulatory regime with the creation of a powerful new Gambling Commission, which will for the first time control new forms of gambling such as Internet betting. Licensing the poker game through this UK subsidiary will also be part of the business strategy of the Company.
More than 200 online poker sites collectively are generating about $2 billion a year in revenues, equal to 40% of last year's $5 billion in gambling revenues from all of the Las Vegas "Strip". An estimated 1.7 million players are active online, meaning they've played in the past six months. And about 150,000 people play on an average day, according to PokerPulse.com, which tracks the online poker market. Americans are thought to account for more than 70% of all players.
The ease of internet wagering has led to the ongoing rise in gambling at a rate of about 30% per year. One might believe that poker has reached a point of saturation, but the Company believes that this is far from correct. While there are a number of existing poker rooms, it is still a very small percentage of the online gambling population that is actively playing online poker. And given that CYOP will be the first to launch online Poker in Asia, the Company feels that it has have an excellent advantage in the marketplace with its product.
Mitch White, CEO of CYOP stated, "We expected to launch our Poker game on May 1, 2005, however, we have made the decision to delay this some to ensure it is 100% market ready with beta testing complete, translation complete and all integration issues resolved prior to a launch, and, marketing on the SINA network. We are extremely pleased and thankful from all the interest expressed in the launch of our poker game, from gaming players, shareholders, and the on line gaming business community. While a delay is regrettable, we believe in the long run there is more value as confidence in product and operations is paramount in the online gaming sector. Being nearly ready is not the same as ready."
About CYOP
CYOP is a developer and provider of online skill-games, poker and services for the online gaming industry. CrediPlay, CYOP's licensed application, is an online transaction platform that is based on charging a fee for each game played over the Internet. CYOP's central games portal, www.skillarcade.com, features virtual games where people play popular skill games against other players and compete in tournaments to win real money prizes.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Exchange Act of 1934 and the provisions of the Private Securities Litigation Reform Act of 1995 and is subject to safe harbor created by these sections. Actual results may differ materially due to a number of risks, including, but not limited to, technological and operational challenges, needs for additional capital, risks associated with market acceptance and technological changes, risks associated with dependence on software providers, and risks associated with competition.
-------------------- It is impossible to make anything foolproof because fools are so ingenious.
IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
