PGGG Pegasus Gaming Corp (CE)

Pegasus Gaming Corp. (Pink Sheets: PGGG; http://www.PegasusGaming.com), an Internet-gaming software and e-commerce processing company servicing clients from the European and African continents, is pleased to announce that it has completed an Exclusive License agreement for the African region operating the Web gaming portal www.atlanticlounge.com ("Atlantic"). Pegasus will deploy for "Atlantic" Sports Betting, Casino and Horse Betting during the first phase of deployment, followed by Mobile Casino and P2P Multi-players Poker Platform featuring the incredibly popular Texas Hold'em Poker game. The complete network is powered by the Microsoft (NASD: MSFT) Window Server Platform and Sun Microsystem (NASD: SUNW) Java interface. The company will use Neteller (NLR.L and OTCBB: NTLRF) as one of its payment gateways for players' pay-in/pay-outs processing. Under the terms and conditions of this transaction, Pegasus has received payment for the Exclusive License and has granted "Atlantic" to re-sell sub-licenses in the African region. Pegasus will receive licensing fees for every sub-license sold by "Atlantic" in addition to recurring revenue based on a percentage of the Exclusive Licensee's and its sub-licensees' total gross income. As "Atlantic" grows their network of licensees, Pegasus will no doubt reap the benefits through residual royalties. The design and the prototype of the gaming site are well under way. It is anticipated that the "Atlantic" gaming Web site will be up and running in the near future. Pegasus is certainly well positioned to capitalize on its future growth. Reports indicate 93 percent of British residents with an Internet connection have gambled online, wagering almost US$3 billion a year. Unlike the United States where the most popular sports gambling property is the National Football League, there are typically more than 50 soccer games available for betting every day in Europe and Africa. Pegasus Gaming President & CEO David Cheng stated, "Pegasus Gaming is extremely pleased to have made this lucrative exclusive deal with "Atlantic," further expanding our licensee network. This agreement continues to validate the Pegasus business model and provides Pegasus with a launch pad into the untapped African market." Gross Revenue Exceeds Expectations Pegasus Gaming would also like to announce that in the last two quarters the company has confirmed revenues of just under $500,000. This is a further indication that the European and African markets will be very lucrative and further licenses will be completed once the proper due diligence is completed. With the current and continuous success of SportingBet (SBT.L), World Gaming (OTCBB: WGMGY), Crypyologic (NASD: CRYP), Chimera Technology (Pink Sheets: CNOC) and PartyPoker (OTCBB: PYGMF and PRTY.L), coupled with Pegasus' state-of-the-art Mobile Casino Platform which is compatible with a wide array of mobile phones including Nokia (NYSE: NOK), Motorola (NYSE: MOT), Samsung (NASDAQ: SSNLF), Sony Ericsson (NASDAQ: ERIXF), Palmone (Nasdaq: PALM), Blackberry manufactured by Research in Motion (RIM.TO) etc. Pegasus believes it is well positioned to capitalize on this new market as it will dominate and revolutionize the virtual gaming world in the upcoming years. This press release is available on the company's official online investor relations site for investor commentary, feedback and questions. Investors are asked to visit Pegasus Gaming's IR Hub located at http://www.Agoracom.com/IR/Pegasus. Alternatively, investors can e-mail AGORA Investor Relations directly at PGGG@Agoracom.com. The above statements in regard to Pegasus, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Pegasus Gaming Corp.'s beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to the parties as of such date. It is important to note that the actual outcome and the actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties, such as technological, legislative, corporate, financial and marketplace changes.