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Pay88 Inc. Reports Strong Fourth Quarter Revenue Growth for 2007

2008-03-04 00:57 1582

BARNSTEAD, N.H., March 4 /Xinhua-PRNewswire/ -- Pay88 Inc.

(OTC Bulletin Board: PAYI), a provider of prepaid digital cards, focusing on online multiplayer games, today announced financial results for the fourth quarter ending December 31, 2007.

Revenues for the fourth quarter of 2007 are estimated to be approximately $4.25 Million USD, up almost 300% from the quarter ended September 30, 2007. The increase was driven by broad-based growth across the company's range of products and services and their carefully executed expansion into new targeted markets.

"We are right on target," Mr. Guo Fan, President of Pay88, commented. "We are consistently increasing our sales every month. We've had a good year and have built a solid foundation for the company. The success of the expansion into new markets and the $1.5 M USD that was raised last year will provide tremendous momentum as we start this new year."

About Pay88

Pay88 is committed to providing: 1) through its wholly owned subsidiary, Chongqing Qianbao Technology Ltd., prepaid cards and other consumer products through established distribution networks and online web presence, and 2) a safe, secure and easy-to-use mechanism for transferring money and making online purchases. The primary focus over the next 12 months will be the expansion of the distribution of prepaid online multiplayer game cards to approximately 20 new cities in China.

Certain information contained in this Press Release, including without limitation, statements related to Pay88's outlook for 2007 and 2008, which are based on current management's expectations, is considered forward looking statements. Investors and prospective investors are cautioned about significant factors which have in some cases affected our actual results and are in the future likely to affect our actual results and cause them to differ materially from those expressed in any such forward-looking statements. Actual results may also differ as a result of factors over which we have no control, including general economic and business conditions; effects of war or terrorists acts on the capital markets or the Company's activities. Please refer to the Risk Factors contained in the Company's Form SB-2/A filed with the Securities and Exchange Commission on October 25, 2007.

Source: Pay88 Inc.
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