VANCOUVER, British Columbia, May 22, 2006 (PRIMEZONE) -- As part of its commitment to keeping shareholders informed of its status and activities, UBA Technology Inc. (Pink Sheets:UBTA) is pleased to provide this investor update on UBTA and the gaming market.
The last sixty days have been important ones for the company beginning in late March with the announcement that it had entered into agreements to deliver its proprietary kiosk-based, peer-to-peer betting exchange platform for installation in stand-alone, self-operating kiosks, within land-based casinos throughout the United States.
This fully functional operating system gives host casinos the ability to provide real-time sports betting on a kiosk-based system provided to users. These betting systems have the potential to include wireless devices, allowing casino gamblers to place bets from their hotel rooms, hotel restaurants, bars, or even poolside.
UBA's betting exchange software acts as the centralized intelligence that manages customer accounts, registration, identity confirmation, payment, event management and liability administration via HTTPS protocol. It is stored in an encrypted database using 3DES encryption with 156-bit key strength. The engine can simultaneously handle millions of transactions or play sessions and administer millions of user accounts. The framework is a Java-based platform that uses a simple multiprocessor architecture (SMP and Oracle 9i to guarantee operability).
These two developments have given UBA Technology Inc. an enviable opportunity to profit from the anticipated growth of the online gaming industry. As an enabler to traditional casinos, UBA can now provide both the hardware and software to help them access the market shift to online gaming.
According to Datamonitor, Mobile gaming revenues were US$1.2 billion in 2003 and are expected to grow to US$8.2 billion by 2006. Mobile gaming may have dramatic effects on the Internet gaming industry, possibly dramatic enough to change the industry's name to remote gaming. Mobile phone penetration is much higher than Internet penetration, and in many parts of the world mobile phones dramatically outnumber Internet enabled home computers.
The timing for UBA's entry into the marketplace is excellent as the global gaming market continues to expand, not only for online poker companies (Party Poker) and traditional bricks-and-mortar casinos (Wynn Resorts), but also for online gaming software providers (Cryptologic Inc.).
About UBA Technology Inc.
UBA Technology Inc. (UBA) develops and licenses betting exchange software for both online and brick-and-mortar casinos. Their software enhances all mobile, event-trading operators and betting services worldwide. The unique UBA digital exchange and order-matching solution allows real-time creation and settlement of event-based contracts. UBA is focused on licensing software for the growing peer-to-peer gaming marketplace.
Juniper Research estimates that mobile gambling will be a US$16.6 billion business by 2008. Geographical and cultural forces are also at work on these projections, particularly in the Asia-Pacific regions driven largely by China. The popularity of gambling, coupled with the rapid growth in mobile phone penetration in the next five years, should assist UBA in its plans to leverage its internet-based betting exchange client base.