VANCOUVER, British Columbia, Jan. 24, 2006 (PRIMEZONE) -- Presidents Financial Corporation (Pink Sheets:PZFC) today announced that it has selected the new executive team for its newly acquired subsidiary SweetPrize Inc. (www.sweetprize.com)
The new executive team consists of:
Mr. Tatloong Wong, Chief Executive Officer
Mr. Wong is a seasoned executive with a wealth of experience in conducting business in Japan, China and the Asia-Pacific region. He is a member of the Malaysian Institute of Certified Public Accountants and MIA as well as an accredited Chartered Accountant and Auditor. His previous ventures in the field of IT includes founding a micro-payment solution company and serving as one of the founding executives of an online gaming portal.
Mr. Syed Ahmad Safri, Chief Operation Officer
Mr. Safri has over 20 years experience in multi-functional international companies, ranging from human resources development to financial planning. Mr. Safri holds an MBA from Xavier University and a Masters degree in Psychology from Harvard University
Mr. Alex Kauryzhka, Chief Technology Officer
Mr. Kauryzhka is a technologist by background. He has extensive IT experience in Russia and Canada and has spearheaded a number of development projects. He is one of the core designers/developers of the Paystone payment system, and a co-founder of Medora Solutions Inc, and IT Solution Company.
Mr. Kawooi Yeo, Chief Financial Officer
Mr. Yeo's discipline is in architecture, but being an entrepreneur he has successfully combined his training and interest and engaged in various commercial projects in Europe previously. Mr. Yeo's network in the financial sector and his experience in the IT and E-commerce field has made him a strong team member of the company in terms of corporate structures and financing.
Each member of the executive team brings a wealth of appropriate industry experience to this new venture. The Company feels these individuals have the complementary skill sets needed to drive SweetPrize's online poker services web site to success in the rapidly expanding online poker market.
About SweetPrize Entertainment
SweetPrize Entertainment Inc. is an online gaming company who will shortly be launching a non-gambling multi-player online poker game service where online card players can legally compete for a range of daily, weekly, monthly and annual prizes from Nano I-Pods to a Porsche Cayman sports car.
In the last few years there has been phenomenal interest in both televised and online poker games such as Texas Hold'em (now the most popular card game in the world). SweetPrize is poised to capitalize on this interest by offering a legal version of the game where participants in online poker tournaments compete to win prizes rather than bet against each other as real-money poker sites do.
The company's web site SweetPrize.com is a non-gambling site targeting well educated, high-income players who prefer to play in a legal environment for prizes. Due to the questionable legality of real-money online poker sites, a majority of potential online poker players shy away from these sites.
There are currently 1.8 million active online real-money pokers players worldwide. It is estimated however that because of the questionable legal status of online gaming, security issues and the hesitation by many to participate in such games because of religious or moral reasons, that the real potential market for non-gambling online poker is three times as large or approximately 5 to 6 million players.
Revenue for the company is generated through V.I.P. membership fees (basic membership is free) and advertising.
About Presidents Financial Corporation
Presidents Financial Corporation is a division of Presidents Group of Companies. They provide investment banking services for companies going public including: bridge financing, seed capital, mergers and acquisition via reverse mergers, transborder mergers and acquisition for Canadian companies listing on the US market.
Presidents Financial is also affiliated with a range of financial institutions in other countries such as Germany, Switzerland, Holland, Hong Kong, Taiwan, Indonesia, and Singapore to help provide advice on financing, trade exports, trade finance, and to expedite listing US companies on public exchanges. In the area of reverse mergers, they provide shell companies with the appropriate structure, interim financing, market makers, public relation, institutional and retail market support for the company's products and shares.
This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described within the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company's reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company's estimates as of the date of the press release, and subsequent events and developments may cause the Company's estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company's estimates of its future financial performance as of any date subsequent to the date of this press release.
Source: John Gaetz President