VANCOUVER, British Columbia, Jan. 23, 2006 (PRIMEZONE) -- Presidents Financial Corporation (Pink Sheets:PZFC) is pleased to announce that it has entered into an acquisition agreement to purchase 100% of SweetPrize Entertainment Inc., a provider of online poker services at www.sweetprize.com .
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 poker 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 5-6 million players.
Revenue for the company is generated through V.I.P. membership fees (basic membership is free) and advertising. Because it is not a gambling Web site, SweetPrize.com does not require special governmental approval or license.
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 U.S. 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 U.S. 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.