VALLEY STREAM, N.Y., Sept. 21, 2012 (GLOBE NEWSWIRE) -- Face Up Entertainment Group, Inc. (OTCBB:FUEG), a Reality Gaming Social Network company, today announced based on a very recent ruling by Federal Judge Jack Weinstein, that online poker, deemed illegal since September 30, 2006, when the US Senate passed the Unlawful Internet Gambling Enforcement Act, might in fact be legal and shortly available to the online community.
Felix Elinson, the Company's CEO stated, "While our model is subscription based and currently legal in at least 37 states in the country, the impact of legalized online poker could be enormous for our company and for others in this space. Our sophisticated platform is easily adaptable and we plan to be competitive when the day arrives based on a nationwide legislative ruling. We built our platform and functionality with a degree of confidence that online poker and other games of skill would one day be recognized and regulated here in the United States and we will be properly positioned to take advantage of such regulations."
The Judge's decision is great news and a major victory for the game of poker and for the tens of millions of people who play the game, believing they are not gambling, but exercising skill in playing against each other.
"The fact that millions of people enjoy and play poker is already established. Our goal as a company is to service this community both in the United States and abroad. At the moment while the legalities are being sorted out, the legality of our subscription based model is not in dispute in 37 of 50 states. When the dust settles and should the ruling be confirmed on an interstate level, we plan on being ready to attract poker lovers of all types and skill sets to our site," added Mr. Elinson.
In his ruling, Judge Weinstein also cited a study that analyzed 103 million hands of Texas Hold'em poker, where 75 percent of poker hands ended when one player induced his opponents to fold so that no cards were revealed. "Other studies have found that skilled players defeated unskilled players both in simulations and in real-world play," he said.
Face Up Gaming's proprietary platform (www.FaceUpGaming.com) is being used in creating a vast global gaming network consisting of games from every region of the globe, supporting native languages as well as cross language functionality. Logical additions to the platform include global staples in gaming such as Backgammon, Poker, Chess and Checkers and many others. Face Up Gaming is a legal non-wagering online gaming platform (www.FaceUpGaming.com).
Face Up Entertainment Group, Inc is committed to responsible game-play and is not a gambling site. "Our goal is to maintain the thrill of online games while keeping it safe for everyone. "Our social networking functionality provides the user base with the ability to grow their circle of friends beyond those they physically reach day to day. Our users sit down to play a game and more often than not leave making a connection with a stranger which is then maintained via our social network functionalities," stated Mr. Elinson.
The Face Up Entertainment Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=14445
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements. The U.S. Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation.
Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words "believe," "enormous," "sophisticated platform," "easily adaptable," "properly positioned," "forecast," "plan," "potential," "may," "could," "shortly" and similar expressions identify forward-looking statements.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to identify and in-license and the ability to adequately fund such targeted acquisitions. Risks and uncertainties are further described in reports filed by Game Face Gaming, Inc with the U.S. Securities and Exchange Commission.