CYOP Systems Provides Update on Poker Launch
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--June 6, 2005--CYOP Systems International Inc. (OTCBB:CYOS - News), a leading provider of online gaming software, is pleased to provide an update on the cash play poker site at tenseatpoker.com operated through the company's UK subsidiary RedFelt Software Inc.
The front-end poker game is ready, the back-end financial transaction platform is ready and final ecommerce integration is just being completed. The company has secured its first major processor, which will allow users to credit their accounts directly from their checking accounts in real time. Over the next two weeks prior to June 20th, with approvals pending with credit card processors and subsequent integration, a full range of payment options will be available with the launch.
Some 23% of households in the USA do not have credit cards and 45% of credit card holders are within 5% of their credit limit. With 10 million online households having no credit cards, and over 1 billion online check transactions in 2005, the Company intends to leverage this payment option through targeted marketing and advertising.
The CrediPlay-SINA sites are moving into their final phases of development with additional space for online advertising being incorporated. The marketing agreement with SINA U.S. will offer CYOP exclusive promotion for CYOP's free tournament games of online poker and online billiards-type games targeting global online Chinese users. CYOP will focus on special sponsored tournaments from companies that wish to reach a large Asian audience.
The Poker industry continues to grow with a number of online poker companies now looking to float IPOs on the AIM, including Party Gaming. The Gibraltar-based owner of the world's biggest online poker site is expected to announce a USD$10 billion London flotation in coming weeks.
Mitch White, CEO of CYOP, said, "Financiers in Europe seem to be more relaxed about investing in gambling. British company Sportingbet bought
Paradise Poker last year and saw its share price treble. CryptoLogic has seen its share price move tenfold in the past two years. Poker is the fastest-growing part of the online operations of
William Hill and Ladbrokes -- both based in the UK. All these results encourage investment for growth and IPOs for online casino companies."
The AIM gives companies from all countries and sectors access to the market at an earlier stage of their development, allowing them to experience life as a public company. Since AIM opened in 1995, more than 1,300 companies have been admitted and more than GBP 11 billion has been raised collectively.
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.
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)
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Contact:
CYOP Systems International Inc.
Patrick Smyth, 310-248-4860
Patrick@cyop.org
Press Release - 2005-06-07 05:28:19
