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Copyright 2005 Business Wire, Inc.
Business Wire
May 2, 2005 Monday 2:03 PM GMT
HEADLINE: CYOP Systems to License Online
Poker; Company to Launch Subsidiary Licensing Arm in United
Kingdom
DATELINE: BEVERLY HILLS, Calif. May 2, 2005
BODY:
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.
For more information please visit www.cyopsystems.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.
Play Games. Win Games. Make Money.(TM)
CONTACT: CYOP Systems International Inc. Patrick Smyth, 310-248-4860
Patrick@cyop.org
URL: http://www.businesswire.com
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