BARNSTEAD, N.H. and CHONGQING, China, Sept. 3 /Xinhua-PRNewswire-FirstCall/ -- Pay88, Inc. (OTC Bulletin Board: PAYI), a rapidly growing reseller of online multiplayer game cards and Internet game time in China, today announced that initial testing of seven new online multiplayer games for Shanda Interactive Entertainment Ltd. (Nasdaq: SNDA) has been highly successful in the burgeoning market of Chongqing, China’s third fastest-growing municipal economy (population over 31 million).
Pay88, which has captured 80 per cent of the Chongqing online multiplayer game market, distributes online game time and cards for major game operators including Shanda Entertainment (Nasdaq: SNDA), China’s leading online game company. The consumer Beta testing of Shanda’s new games began August 1st in 100 internet cafes in Chongqing and will likely continue through October.
Initial test results showed that the players of the seven new Shanda games spent almost 40 per cent of their playing time on the new games, and that sales of all Shanda games increased by nearly 50 per cent when the new games became part of the company’s total package of games.
Guo Fan, President and CEO, Pay88, Inc., said, “We have had very good feedback from the initial results, and we expect this to continue when the testing is completed in the fall. Once the testing is completed, we anticipate that we will begin distributing the seven new online games for Shanda in the Chongqing metropolitan area in late 2008.”
Pay88 has an exclusive licensing agreement to distribute online game time and more than 20 game cards in Chongqing for Shanda Interactive Entertainment, based in Shanghai. The reselling of Shanda’s game cards has contributed significantly to an increased revenue stream for Pay88. With the distribution of the seven new games, the revenue flow should continue to increase in 2009 and beyond.
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. The Company has successfully captured the leading market share of online multiplayer game time in Chongqing, China, a municipality of more than 31 million people that 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. 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.
To learn more about Pay88, Inc. (OTC Bulletin Board: PAYI) please visit the Company’s web site at http://www.pay88.com . To receive news about the company as it becomes available, please contact Adam Brooks at abrooks@cfsg1.com or 1-800-625-2236.
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
Web: http://www.cfsg1.com
Investor Relations
Stanley Wunderlich, CEO
Tel: +1-800-625-2236
Fax: +1-646-205-7771
Email: info@cfsg1.com
Media Relations
Daniel Stepanek, EVP
Tel: +1-646-205-7767
Fax: +1-646-205-7771
Email: dstepanek@cfsg1.com
