BARNSTEAD, N.H. and CHONGQING, China, Oct. 9 /Xinhua-PRNewswire-FirstCall/ -- Pay88, Inc. (OTC Bulletin Board: PAYI), a rapidly growing digital technology company that is a reseller of online multiplayer game cards and internet game time in China, has signed an agreement with Pubwin Internet Cafe Software Development Co., Ltd. to test its 60 lines of online game cards in more than 2000 internet cafes in China's Yangtze River delta and northern districts.
Pay88's wholly owned subsidiary, Chongqing Qianbao Technology, Ltd., will work with Shanghai Yiwei Networking Co., Ltd., a division of Pubwin Software Development, to develop a state-of-the-art, online transaction platform and to test game cards in the internet cafes in the two regions. Qianbao Technology, acquired by Pay88 in late 2006, has become a leading provider and reseller of merchandise on websites in internet cafes in Chongqing and other cities in China.
Guo Fan, Chairman and President, Pay88, said, "We are excited about working with Pubwin, who is known throughout the industry as a leading developer of online gaming software in China. When these new cafes are tested and added to our distribution system in late 2008, we expect Pay88's annual revenues to increase approximately $750,000 per year. Additionally, we expect to announce shortly alliances with other software companies to develop new gaming platforms for many more internet cafes throughout China."
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 further information, please contact:
Investor Relations
Stanley Wunderlich, CEO
Consulting for Strategic Growth 1
Tel: +1-800-625-2236
Fax: +1-646-205-7771
Email: info@cfsg1.com
Web: http://www.cfsg1.com
Media Relations
Daniel Stepanek, EVP
Consulting for Strategic Growth 1
Tel: +1-646-205-7767
Fax: +1-646-205-7771
Email: dstepanek@cfsg1.com
Web: http://www.cfsg1.com
