Message #32 From:
NewsBot Date: December 4, 2006 07:00:00 AM
CYOS News CYOP Systems Adopts New Licensing Strategy
LONDON--(BUSINESS WIRE)--Red Felt Software Ltd., a wholly owned subsidiary of CYOP Systems
International Inc. (OTCBB:CYOS),
is pleased to announce that it will continue to license its online
casino software to third parties under new terms and conditions.
Given the changes in the laws in the United States regarding iGaming
payment processing, Red Felt will no longer take a percentage of net
wagers from its USA facing licensees. Rather, it will take a fixed
monthly fee covering the following services provided by the company:
Management of gaming software
Hosting and collocation of web servers
Hosting and collocation of gaming and transaction servers
Technical Support and Security Monitoring
By structuring the software fees this way, Red Felt believes it has
positioned itself so that it will not benefit from wagering that occurs
in the USA, and it will remain in compliance with the Unlawful Internet
Gambling Enforcement Act of 2006 (included in HR 4954, the Port Security
Improvement Act of 2006)
Non USA facing licensees will pay an upfront set up fee, a percentage of
the net and a monthly hosting fee for:
Fully built gaming site
Non-Download gaming software
Real Time live reporting
Hosting & Server monitoring
Credit Card Processing
Patrick Smyth, CEO of CYOP, commented, “The
Company intends to target opportunities outside the USA enabling the
Company to be amongst first to market in emerging areas of opportunity.
Given that North America is approximately two to five years ahead of the
rest of the Internet world, there exists an opportunity for start-up
ventures in areas such as Asia due to the relative ease and low cost of
marketing as compared to the Americas.”
About CYOP
CYOP is a developer and provider of online gaming solutions and services
for the iGaming industry. The Company’s range
of products and services include financial transaction platforms for
on-line casinos, online gaming software, gaming websites, poker portals
and integrated e-commerce transaction technology for on-line merchants.
This press release may contain forward-looking statements which are
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that actual
results may differ materially and all forward-looking statements involve
risks and uncertainties including, without limitation, risks associated
with the Company's financial condition and prospects, legal risks
associated with Internet gaming, risks of governmental legislation and
regulation, risks associated with market acceptance and technological
changes, risks associated with dependence on third party software
providers, risks relating to international operations, and risks
associated with competition..
