LONGWOOD, Fla., Sept. 12, 2008 (GLOBE NEWSWIRE) -- Castle Technologies, Inc. (Pink Sheets:CSTC) is pleased to announce that its Board of Directors approved a capital restructuring of the Company's common stock for all shareholders of record as of September 11th, 2008. The reverse split will be 100 shares of common stock into one share of the new common stock. The Company has received approval from the Financial Industry Regulatory Authority (FINRA) for the restructuring and will begin trading under the new symbol (Pink Sheets:CSTL).
The capital restructuring is being implemented as a means to better position Castle Technologies for current and future investments into the company. This will allow the company to have a strong presence as it targets the online gaming industry, which analysts' project to reach $48 billion by 2010 and exceed $125 billion by 2015.
"We are very confident that this restructuring will help us enhance our financial standing and put us into a position where we can deliver strong products for the online gaming industry. I look forward to leading the Company through this restructuring period and emerging in a great position to capitalize on the surge in the online gaming industry's popularity," stated David Comeau, President and CEO of Castle Technologies, Inc.
The Company specializes in providing innovative software solutions to the growing international online gaming industry with all the features and security levels to compete in the gaming industry. What differentiates itself from the competition is its ability to pay progressive payouts on played poker hands -- a first in the industry. Castle Technologies will license its products and services to offshore companies and receive royalties based on usage of the systems and support.
About Castle Technologies, Inc.:
Castle Technologies is a software development and servicing company specializing in providing innovative Web based gaming to the growing international online population. Its market focus is the multi-player poker enthusiast that has continued to spread internationally and grow at a phenomenal rate. The Company will license these products and services to offshore companies, and receive royalties based on the usage of the systems and support in place.
Safe Harbor Act: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.