posted
CYOS will go back under .02 - no doubt to .01 or lower. Mgmt shuts off news like a leaky faucet. Watch and see.
Posts: 1035 | From: Ohio - USA | Registered: Apr 2005
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CYOP Systems to Open Game Development Studio
New Generation of Casino Games to Be Marketed
BEVERLY HILLS, CA, Jul 13, 2005 (MARKET WIRE via COMTEX) -- CYOP Systems International Inc. (OTC BB: CYOS), a leading provider of online gaming software, is pleased to report that it will be opening a game studio this Fall in Central Europe to capitalize on the growth of online casino gaming technologies. CYOP intends to develop "Next Generation" 3D casino games, which will be made for cross platform integration. These games will be available for mobile gaming, console gaming and Internet PC applications.
Variations of popular games such as Blackjack, Roulette, Pai Gow, Slots, Video Poker will be constructed for license to third-party operators, and game hardware suppliers.
The Company also intends to market its own portals, and will continue to expand its localization and translation of its software and games.
The studio will be a wholly owned subsidiary of CYOP Systems International Inc., and will be centrally located in Slovakia. After weighing the pros and cons of a number of countries, it was decided that Slovakia's business-friendly government policies that have helped facilitate a foreign investment boom made it an excellent choice. Slovakia's economic growth exceeded expectations in 2001-04, despite the general European slowdown. And their labor market liberalization and a 19% flat tax are also appealing.
The Slovak Republic joined the OECD, a group of 30 of the most developed countries in the world, in the year 2000 and is also a member of the European Union and NATO.
US video game sales totaled almost $10 billion in 2004, and will rise to $16 billion by 2007, an increase of 61%. Software sales totaled $6.3 billion in 2004, and will rise to $8.0 billion in 2008.
Global revenues from online gambling will reach USD$14.52 billion in 2006, up from USD$3.81 billion last year. This is according to a report from the Informa Media Group, which says that the US will generate 24 percent of all online gambling revenues in 2006, whereas Europe will generate 53 percent.
Mitch White, CEO of CYOP, commented, "CYOP continues to increase its presence in Europe, and build a global infrastructure. We feel that the growth opportunities in Europe are better given that the locals have not reached the saturation points of the North American marketplaces. We also believe that the capital and labor market opportunities are better, and that attitudes towards online gaming are friendlier."
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. CYOP's Poker Software may be viewed at www.redfelt.com, and its play for cash site at www.tenseatpoker.com
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.
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