CYOP Systems Announces Joint Venture in China; Partnership Part of Plan to Expand into Rapidly Emerging Asian Marketplace.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--March 7, 2003 CYOP CYOP Create Your Own Path Systems International Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CYOI CYOI CYOP Systems International Inc (stock symbol) ), the leading provider in online Games of Skill and Tournaments, today announced that is has reached an Agreement with Waistech International Inc., forming a joint venture to market and launch CYOP's suite of online games in the Greater China region. CYOP is a leading developer and provider of gaming and financial transaction technology solutions for the online entertainment industry. In accordance with the agreements, CYOP will provide the Joint Venture with its most popular online gaming software, translation, backend customization, banking/payment integration, branded pages, and full customer support. Waistech International Inc. (http://www.waistech.com) is a provider of integrated Internet services in China. Its flagship subsidiary, China E Online (CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ) is a joint venture with China INTRIC Ltd., a business operating entity of MOFTEC MOFTEC Ministry of Foreign Trade and Economic Cooperation (China) (Ministry of Foreign Trade and Economic Cooperation). It is a leading provider of Government and trade information to Chinese and non-Chinese companies throughout China and the world. The participating members of CEO include China Telecom (HK Ltd), China Everbright Ltd., Shanghai Industry Holding Ltd., Beijing Enterprises Holdings Ltd., Ministry of Science and Technology, and the Ministry of Information and Industry (MII 1. (body) MII - A consortium of Microsoft, IBM, and Intel. 2. (storage) MII - A broadcast component video tape format licensed by Panasonic. ). Waistech will contribute its efforts in marketing/sales of the online games to potential customers by leveraging its existing vast network of relationships both within the Government and with major business entities in China. The financial back-end processing is to be supported through an agreement with China Telecom, whereby online banking will be provided through the use of phone debit cards, which have wide distribution in China. Players will simply use their existing phone cards as methods of payment online; not unlike credit cards or prepaid phone cards. Patrick Smyth, President of CYOP said, "I-Gaming is booming most extraordinarily in English-speaking countries but a tremendous market has been undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. in regions that are realizing formidable growth in online access. Out of the key world trading blocks, China is the largest one with the fastest growing number of Internet users. China's strong economy, entrance into the WTO See World Trade Organization. and a large population, inclined to spend its disposable income on leisure goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. , makes it a natural objective for our growth. In terms of sheer e-commerce market volume, China is the cornerstone of the Asian market." About CYOP CYOP is a leading developer and provider of gaming and financial transaction technology solutions for the online entertainment industry. CrediPlay, (www.crediplay.com) a proprietary application, is an online transaction platform that is based on charging a Network Maintenance Fee ("NMF NMF An abbreviation for "no meaningful figure". You'll often see this when comparing financial data among companies where a certain ratio or figure isn't applicable. Notes: For example, if company has negative earnings, it cannot have a P/E ratio. ") for each game of skill played over the Internet, including Puzzle/Board/Trivia/Learning games, Action Games, Strategy, Driving/Racing and Adventure/Role Play games. SkillArcade.com, www.skillarcade.com, CYOP's central games portal, is an online games destination where people play popular skill-based games against other players and compete in tournaments to win real money prizes. For more information please visit www.cyopsystems.com. This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934 and is subject to safe harbor created by these sections. Actual results may differ materially due to a number of risks, including technological and operational challenges, need for additional capital, changes in consumer preferences and developments affecting the Internet. |
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