LAS VEGAS, Feb. 5, 2003 (PRIMEZONE) -- Chimera Technology Corp. (Pink Sheets:CMRA), through its wholly owned subsidiary 724Bingo.com "724," an innovative Internet Gaming Software Provider/Licensor & e-Commerce services company, today announced it has entered into a joint venture agreement with X-Generation Technology of Vancouver, Canada, to further its research & development on its Internet gaming platform.
Under the stipulation of the joint venture agreement, "724" and X-Generation will expand joint development of the existing platform, perform beta testing, debugging and complete its "BIRDS EYE" Management System that will power the entire gaming platform in preparation for its world launch this summer. X-Generation has been in the Internet marketing, website/software development sector since 1997. Chimera believes this joint venture will further strengthen the commitment to excellence of its gaming platform by combining the efforts of these two world-class development teams.
Ken Chua, President/CEO of the company, stated, "We are extremely pleased with the X-Generation joint venture because it opens up huge possibilities of front-end applications for our gaming platform in which X-Generation specializes. The front-end application is the part responsible for communicating with our players from our licensees' game sites to our server farm. Further to our existing Java front-end application, we now have the ability to explore into other forms of front-end applications such as Flash, Shockwave, XML, etc."
Mr. Chua further stated, "This is another prime example of our management team attacking to achieve another milestone set out in our business plan in preparation of our world launch scheduled for this summer."
Chimera's competitors within the Internet gambling market include Argosy Gaming Co. (NYSE:AGY), International Game Technology Inc. (NYSE:IGT), Cryptologic Inc. (TSE:CRY, NASD: CRYP), World Gaming (OTCBB:WGMGY), Bingo.com (OTCBB:BIGR), Global Entertainment (OTCBB:GGNC), Youbet.com (OTCBB:UBET), Multimedia Games (OTCBB:MGAM).
To obtain further info on Chimera Technology Corp. please visit Internet websites: http://www.chimeratechnology.com, http://www.724bingo.com.
The above statements in regard to Chimera, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Chimera 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.
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