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The companies have signed a four-year license agreement under
which FireOne will integrate Phantom Fiber's advanced wireless
platform to extend its payment solution to mobile customers with
support totaling more than 1,000 mobile device types worldwide.
FireOne's mobile payment solution will provide customers with
seamless account funding, transaction history and usage reporting.
The companies expect that deployment will be completed within the
next 30 days.
The first phase of the agreement will allow customers to download
the mobile wallet application to their cellular device and fund their
FirePay account virtually anywhere, anytime and still enjoy their
mobile gaming with applications powered by Phantom Fiber. The ability
to access account balance information and historical transactions
will also be included.
Jeff Halloran, President and CEO for Phantom Fiber commented,
"Since 1997, FireOne's management team has been involved in the
online gaming industry and their experience has allowed them to
capture a significant share of the online payment processing
transaction market - making them one of the premier payment
processors in the industry. Because our platform solution is deployed
in many gaming verticals, FirePay customers will be able to use their
mobile wallet for all types of gaming transactions and eventually for
mobile commerce without ever requiring a desktop PC to manage their
account. In the final analysis, players and consumers want
convenience which Phantom Fiber precisely delivers with worldwide
access and transactional capability from virtually any mobile device.
After several discussions, FireOne has proven to be an extremely
creative company with many ideas that will allow them to become a
premier payment processing method for the mobile commerce sector."
Ben Dalfen, Chief Operating Officer of FireOne stated, "With over
300 established clients representing approximately 1,500 websites in
the online gaming industry, FireOne views mobile gaming as a next
logical progression for our services. We partnered with Phantom Fiber
because of their proven wireless platform solution and their entry
into all verticals within the gaming industry - from sportsbooks to
casinos to poker rooms and more."
"Over the next ten years, industry experts believe that mobile
wireless gaming is poised to grow as fast as the PC-based gaming
industry has grown, and FireOne is well positioned to capture our
market share of the payments side of the business," Mr. Dalfen
concluded.
Safe Harbor Statement
Some statements in this release are "forward-looking statements"
as that term is defined in Sections 27A of the Securities Act of 1933
as amended (the "Securities Act"), and Section 21E of the Securities
Exchange Act of 1934 as amended (the "Exchange Act"), and are subject
to certain risks and uncertainties, including, but not limited to,
economic conditions, competition, changes in laws and the demand for
the company's goods and services, which could significantly affect
anticipated future results. Actual results may differ materially from
any forward-looking statements. Actual results of FireOne Group may
differ because of factors such as the following: the legality and
legitimacy of online gaming is unclear in certain jurisdictions;
legislation relating to the issuing of e-money could affect FireOne;
increasing government regulation of Internet commerce could make it
more costly or difficult to continue FireOne's business; FireOne is
subject to data protection laws and regulations; FireOne may be
subject to liability or business interruption as a result of
unauthorized disclosure of stored data; FireOne is subject to other
legislative risks and uncertainties; dependence on key personnel;
risk from fraud and disputes; risks associated with chargebacks;
FireOne must comply with credit card and cheque clearing association
rules and practices which could impose additional costs and burdens
on FireOne's business; FireOne might not successfully implement
strategies to increase adoption of electronic payment methods, which
could limit growth and affect profitability; FireOne faces strong
competitors and a rapidly evolving market; FireOne may not be able to
develop new services that are accepted by its customers; the business
systems of FireOne are based on sophisticated technology which may be
negatively affected by technological defects and development delays;
FireOne has limited operating history; FireOne relies on financial
institutions, including several current or potential competitors, to
process payment transactions; consumer complaints or negative
publicity about FireOne's services could impact negatively on
FireOne's business; inability to manage growth; FireOne's quarterly
operating results fluctuate and may not necessarily be an accurate
indicator of future performance, which could cause FireOne's share
price to fluctuate and decline; it may be costly and/or
time-consuming to enforce FireOne's rights with respect to assets
held in foreign jurisdictions; FireOne has limited experience
competing in international markets, therefore international expansion
plans will expose FireOne to greater political, exchange rate
fluctuation and other risks; FireOne does not anticipate paying cash
dividends in the foreseeable future; FireOne is reliant on Optimal
Group Inc; the majority of FireOne's transactions are conducted over
the Internet and will therefore be open to an element of risk;
security breaches in FireOne's systems may expose FireOne to
additional liability and result in the loss of customers and
merchants, or an inability to conduct business; privacy breaches in
FireOne's services may expose FireOne to additional liability and
result in the loss of customers and merchants, or an inability to
conduct business; FireOne may experience breakdowns in its services,
its payment processing systems, the systems of third parties or the
Internet that could damage consumer or merchant relations, FireOne's
business or reputation and expose FireOne to liability, which could
adversely affect the business; FireOne must maintain and protect the
physical security of servers; FireOne's infrastructure could prove
unable to handle a significantly larger volume of transactions; and
FireOne may not protect proprietary technology effectively, which
would allow competitors to duplicate products.
About FireOne Group
FireOne Group plc is an Irish-based provider of payment
processing services for the online gaming industry, providing the
operators of online casinos, poker rooms and sports books and their
customers with a secure, convenient and cost-effective system to
collect, deposit and withdraw funds. FireOne Group and its
subsidiaries process online gaming transactions through the use of
credit and debit cards, electronic debit and through FirePay
(www.firepay.com), a leading stored-value, electronic wallet. FirePay
is used for non-gaming purchases as well.
FireOne Group plc - London Stock Exchange (AIM): FPA
About Phantom Fiber Corporation
Phantom Fiber Corporation (OTC Bulletin Board:PHFB - News) is the
leading developer of wireless platform software that enables our
customers to deliver high-performance applications across global
communications networks to mobile users. Our wireless platform
extends the rich multimedia content and user experience of existing
Internet web sites securely and instantly to a wide array of wireless
devices including PDAs and programmable cellphones.
This platform is already deployed to most segments of the global
gaming industry and can be used by enterprises seeking to implement
high performance mobile applications in such markets as: remote
medical record access by physicians; securities research and trading;
and, remote monitoring and the management of logistics and
distribution. Phantom Fiber recently introduced it's 3rd Generation
Advanced Wireless Platform ("3G Powered" Wireless Platform) which
supports over 1000 mobile devices worldwide and includes a host of
new features of benefit to gaming operators serving a global audience.
Phantom Fiber Corporation (OTC Bulletin Board:PHFB - News)
Contact:
L.G. Zangani LLC
Ian Cassel
Investor Relations
(908) 788-9660
office@zangani.com
www.zangani.com
OR
Phantom Fiber Corporation
Alexander S. Bosika
Investor Relations
(416) 703-4007
IR@phantomfiber.com
www.phantomfiber.com
OR
FireOne Group plc
Ben Dalfen
Chief Operating Officer
+44 (0) 78 7023 4746
www.fireonegroup.ie
OR
Weber Shandwick Square Mile
Kirsty Raper / Nick Oborne / Susanne Walker
+44 (0) 20 7067 0700
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