CYOP Systems to Launch Poker for Cash
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--May 26, 2005--CYOP Systems International Inc. (OTCBB:CYOS - News), a leading provider of online gaming software, is pleased to announce that it will be launching through its UK subsidiary a poker site for cash at TenSeat
Poker.com on June 20, 2005.
The TenSeat
Poker.com site will be the flagship play-for-cash poker site featuring the Company's licensed poker games, and will be marketed with the goal of establishing brand recognition and driving revenues from targeted audience areas.
The site is under development now, and the Company is in final negotiations with a number of payment processors to ensure global payments including the ability to leverage Check 21, laws regulating paper drafts, and new technologies to provide the optimal online payment processing. This included direct debit from banking institutions, major credit cards and multiple currencies.
After years of escalating growth, online gambling is poised for its biggest year. IGaming will rake in nearly $10 billion in revenue this year, up 40% from 2004. In 1996, when IGaming was in its infancy, the industry collected $30 million, says researcher Christiansen Capital Advisors.
And, as reported by the UK Register: "In the two years since online poker first tempted punters, the industry has grown from $100,000 in gross rake per day in January 2002 to between a staggering global $2m and $2.5m. While online gaming itself continues to grow at a dramatic pace, the online poker industry has more than tripled in the past year according to statistics provided by PokerPulse.com."
Mitch White, CEO of CYOP, commented, "Our strategy is to develop a number of key products to monetize our play for fun traffic, as well as to increase our suite of products available to our customer databases. The demo poker version available now at RedFelt.com surpasses our expectations and will provide our players with a high quality, satisfying gaming experience."
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
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Source: CYOP Systems International Inc.
Press Release - 2005-05-27 02:21:17
