PHOENIX, April 2, 2007 (PRIME NEWSWIRE) -- Pegasus Gaming Corp. (Pink Sheets:PGGG) (http://www.PegasusGaming.com ), a European Facing Turn Key I-gaming platform solution and e-commerce services provider, is pleased to announce the following company updates indicating the company focus and directions as well as adding one new licensee.
Due to the passing of the latest legislation in October 2006 on banning Internet gaming on U.S. soil, significant numbers of large U.S. facing gaming operators, such as SportingBet, Party Poker, Pinnacle Sports and many others, have ceased taking wagers from their players on the continent, resulting in a widespread panic in the industry.
Pegasus, however, has not been affected by this legislation because of its European facing gaming businesses. Virtually all of its licensees are currently operating out of Europe. During the first quarter of 2007, the company has received a number of new licensing applications and is the midst of processing these applications, with one new license being granted thus far.
"Pegasus remains focused and committed to providing Turn Key Gaming Solutions to our European partners, with other plans in the future. The addition of the latest licensee and the processing of these other applications show us the company is certainly on the right track targeting the European continent," stated Pegasus Gaming President and CEO, David Cheng.
The above statements in regard to Pegasus, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Pegasus Gaming Corp.'s 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.