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CYOP Signs First Poker Software License
CYOP Systems International Inc. (OTCBB:CYOS), a leading provider of online gaming software, is pleased to announce that it has signed a letter of intent with RDC Services Ltd. to license its poker software.
RDC has depth of experience in interactive marketing and management of online operations, and will pay a set up fee and a percentage of the net rake to Red Felt Software Inc. Completion of the new licensee site is expected by the end of August with marketing coinciding with the end of summer; a historically good time to begin interactive gaming-site promotion.
CYOP's wholly-owned UK subsidiary Red Felt Software Inc. manages and licenses the online poker software.
Red Felt Software Inc. shall be providing the following:
-- Fully built Poker Site
-- Non-Download Poker Software
-- Real Time live reporting
-- Hosting & Server monitoring
-- Credit Card Processing
More than 200 online poker sites collectively are generating about $3 billion a year in revenues, equal to 60% 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 Internet poker in the past six months. And about 150,000 people play on an average day, according to PokerPulse.com.
Online gaming will continue to be an explosive cash generator. Gaming consultants Christian Capital forecast that gaming revenue will rise to $22.7 billion (US) by 2009, from $8.2 billion in 2004, a growth of 22 percent. Online gaming is also expected grab an 8.1% share of the worldwide global gaming market.
Mitch White, CEO of CYOP commented, "We are extremely happy to have already begun licensing the new software. We launched the site last month in Beta, and have spent the last few weeks enhancing the play functions and some of the content. This is especially important as we roll the product out over increasing distribution channels and expand into new markets."
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 .
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)
CYOP Systems International Inc.
Patrick Smyth, 310-248-4860
Patrick@cyop.org
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