BARNSTEAD, N.H. and CHONGQING, China, Dec. 16 /PRNewswire-Asia-FirstCall/ -- Pay88, Inc. (OTC Bulletin Board: PAYI), a rapidly growing digital technology company that is a major reseller of online multiplayer game cards and internet game time in China, today announced that it has signed a major contract with Shanghai Magic Grid Network Technology Co. to distribute the company's Fun One Card.
Shanghai Magic Grid Network is a prominent gaming technology company that integrates its formidable research and development function with superior production capabilities to make it a leading Chinese gaming operations business. The company has established a reputation for promoting a clean and healthy game environment using models for game characters that set a high standard for the entire Chinese online gaming industry.
Pay88 will be distributing two of Shanghai Magic Grid Network's Fun One Cards -- namely, The Patrix and Tennis Baby. The Patrix Card is in the final testing stage and will be rolled out into regional markets by early 2009. The Tennis Baby Card is in the design stage and is expected to be ready for testing also in early 2009.
Guo Fan, President and CEO, Pay88, said, "We look forward to working with the experienced management at Shanghai Magic Grid Network in distributing their quality gaming cards when the testing is completed. Magic Grid is known throughout the industry for setting and achieving high goals for their cards. We are privileged to be working side-by-side with them in the upcoming months."
He added, "The games developed by the company are all non-violent. Pay88's goal is to establish and build a clean and casual game platform fitting for both adults and the young."
About Pay88, Inc.
Pay88, Inc. (OTC Bulletin Board: PAYI), through its wholly owned subsidiary, Chongqing Qianbao Technology, Ltd., is a leading reseller of online multiplayer game time in China in more than 20 cities. The Company has successfully captured the leading market share of online multiplayer game time in Chongqing, a municipality of more than 31 million people which is the third fastest-growing economy in China and the gateway to central and western China. Pay88 leverages such consumer establishments as retail kiosks and internet cafes to increase its distribution of highly popular games for an increasing number of gaming companies. Over the next year, the Company will continue to develop and improve its internet gaming platform, expand its distribution Web sites, and increase its overall product line, as well as expand into many additional cities in China.
Pay88 was incorporated in March 2005 in the State of New Hampshire, where it continues to maintain its executive headquarters, and subsequently reincorporated in Nevada in July 2005.
For additional information, visit http://www.iamseller.com/English/Index.aspx .
Forward Looking Statements
Certain information contained in this news release, including without limitation, statements related to Pay88's outlook for 2008, which are based on management expectations, is considered forward looking statements. Investors and prospective investors are cautioned about factors which have in some cases affected Pay88's actual results and could affect its actual results and cause them to differ materially from those expressed in any such forward looking statements. Actual results may also differ over factors which the Company has no control including general economic and business conditions, earthquakes or effects of war or terrorists acts on the capital markets or on company activities. Please refer to Risk Factors contained in the Company's annual report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2008.
Pursuant to a July 1, 2008 contract, Consulting for Strategic Growth 1, Ltd. (CFSG1) provides Pay88, Inc. with strategic consulting, business advisory and investor and media relations. Independent of CFSG1's receipt of cash compensation from Pay88, CFSG1 may choose to purchase the Company's common stock and thereafter liquidate those securities at any time it deems appropriate.
For more information, please contact:
Consulting for Strategic Growth 1
Investor Relations
Stanley Wunderlich, CEO
Tel: +1-800-625-2236
Fax: +1-646-205-7771
Email: info@cfsg1.com
Web: http://www.cfsg1.com
Media Relations
Daniel Stepanek, EVP
Tel: +1-646-205-7767
Fax: +1-646-205-7771
Email: dstepanek@cfsg1.com
