Win Win Gaming Inc. Agrees in Principle to Purchase Pixiem, Inc.
LAS VEGAS - PRNewswire-FirstCall - April 11
LAS VEGAS, April 11 /PRNewswire-FirstCall/ -- Win Win Gaming, Inc., (OTC:WNWN) (BULLETIN BOARD: WNWN) a Las Vegas-based operator of international lottery games and related gaming ventures announced today that it has agreed in principle to acquire Pixiem, Inc., a global developer and publisher of wireless entertainment games.
Established in early 2004 to ride the wave of the growing wireless game market, Pixiem made its entry into the marketplace with the strength of development partnerships and staff members with mobile application experience dating back to 1997. Today, Pixiem develops and publishes mobile applications for the wireless entertainment market in North and South America, Europe, and Asia. Pixiem has created top-notch branded mobile games with high-quality content partners that include IMG/TWIi and Wimbledon.
"The proposed acquisition of Pixiem will provide us with immediate access to the explosive global wireless entertainment game market," said Win Win CEO Patrick Rogers. "It will also allow us to expand our business model in Mainland China, our primary area of focus, to include wireless game content of all forms. Using this platform, we can ultimately develop lottery-related wireless games for China and, further, develop a global network to launch an international wireless lottery game."
The demand for mobile entertainment products is accelerating. Overall, it is estimated that one third of all handsets sold throughout the world today have the capability to play wireless games. Frost and Sullivan, a leading business growth consulting firm, stated that, in 2003 the global wireless market reached US $1.1 billion in total sales and they estimate that the market will reach US $9.3 billion by 2008. Datamonitor, a market research firm has estimated that by 2005, about 200 million people in the US and Europe will be playing mobile games and that, in this same time period, Asia will surpass this figure.
Pixiem President, H.S. Lee said, "We are excited at the opportunity to join forces with Win Win Gaming. The wireless entertainment market in Asia already leads the world and, with Win Win, we believe that we can gain a strong foothold in China. Based on its huge population base and vast proliferation of mobile phones, we believe the Chinese market will surpass the rest of Asia in the near future."
The agreement in principle is reflected in a non-binding letter of intent. The acquisition is subject to several conditions including, the satisfactory completion by Win Win of due diligence on Pixiem, obtaining necessary third party consents and other customary closing conditions. The final terms of the acquisition will be included in a definitive acquisition agreement to be negotiated between the parties.
About Pixiem, Inc.
Pixiem is a leading developer and publisher of wireless games and applications for the growing worldwide mobile entertainment market. Founded in early 2004, Pixiem has attracted best-of-breed partners in order to develop these applications, and license content and top brand names for game titles. Pixiem publishes and distributes to a global marketplace through North American, South American, Asia and European carriers. Pixiem is headquartered in Rochelle Park, NJ, with offices in San Francisco, CA, and Seoul, Korea.
About Win Win Gaming, Inc.
Win Win Gaming Inc. is a full-service lottery and gaming operations company that develops, operates and markets lotteries, Internet lotteries and gaming sites directly and through joint ventures around the world. In July, 2004 Win Win launched its Slam Dunk Instant Lottery Ticket games in Shanghai, PRC and, in August, 2004, the Company launched the Slam Dunk TV Game show produced by Sande Stewart Television, Inc. The Instant Ticket games are tied directly to the TV game show. Win Win's common stock is quoted on the Over the Counter Bulletin Board under the symbol WNWN.OB.
Visit the Win Win Gaming, Inc. website at http://www.winwininc.com/
Forward looking statements: The information in this release includes certain forward-looking statements, including statements regarding the proposed acquisition of Pixiem, the benefits that such acquisition will confer on Win Win's stockholders and other constituencies and the potential market for Pixiem's products. The forward-looking statements contained in this press release are expressed in good faith and are believed by the company to have a reasonable basis. Nonetheless, actual results may differ materially from the projected results expressed in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the potential inability of the company and Pixiem to agree on the terms of a definitive purchase agreement and the potential inability of the parties to satisfy the conditions to the acquisition that may be contained in a definitive agreement. Other important factors that could cause actual results to differ materially from those expressed in the forward-looking statements include the company's potential inability to raise additional capital, its potential inability to obtain licenses to develop lottery programs in its target markets or to exploit the licenses currently held by it, its potential inability to compete with other lottery companies that may be more experienced and better capitalized than it, changes in domestic and foreign laws, regulations and taxes, changes in economic conditions, uncertainties related to the legal systems in the company's target markets, including China's legal system and economic, political and social events in China and other target markets, a general economic downturn, a downturn in the securities markets, Securities and Exchange Commission regulations which affect trading in the securities of "penny stocks," and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.
Win Win Gaming, Inc.
Web site: http://www.winwininc.com/
