PGGG Pegasus Gaming Corp (CE)

Pegasus Gaming Corp. (Pink Sheets: PGGG) (http://www.PegasusGaming.com), a European facing turnkey I-gaming platform solution and e-commerce services provider, is pleased to announce that, despite the recent ruling by the United States on restricting financial institutions to facilitate e-commerce transactions to the online gaming operators catering to U.S. players, it has continued to attract large interests from potential European operators for its I-gaming products. On September 29, 2006, both Houses of the U.S. Congress passed the Safe Port Act, onto which was attached the Unlawful Internet Gambling Enforcement Act (UIGE Act) of 2006. In essence, the UIGE Act prohibits the acceptance or use of any payment instrument in any financial transaction for the purposes of unlawful Internet gambling within U.S. soil. Subsequently, the governing bodies will have 270 days to adequately implement the Act into law. Meanwhile, in 2005, the country of Antigua and Barbuda, which houses some of the largest I-gaming operators in the world, has obtained a decision from the World Trade Organization (WTO) in its favor, ruling that United States efforts to prohibit the provision of gambling and betting services to consumers in the United States violated American free-trade commitments under the WTO's General Agreement on Trade in Services. Antigua and Barbuda is engaged in further tribunal proceedings with the United States at the WTO to determine whether the United States is in compliance with the ruling. Europe, however, has gradually opened up the I-gaming sector when the United Kingdom sought to regulate the industry within its country, with more and more countries to follow in its footsteps. �The recent ruling from the U.S. has had zero impact on our business since all our business is catered toward the European continent. We will continue to work on the licensing applications on hand and will also seek to greatly expose our presence in Europe by means of a local consultation assistant,� stated Pegasus Gaming President & 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. Pegasus Gaming Corp. (Pink Sheets: PGGG) (http://www.PegasusGaming.com), a European facing turnkey I-gaming platform solution and e-commerce services provider, is pleased to announce that, despite the recent ruling by the United States on restricting financial institutions to facilitate e-commerce transactions to the online gaming operators catering to U.S. players, it has continued to attract large interests from potential European operators for its I-gaming products. On September 29, 2006, both Houses of the U.S. Congress passed the Safe Port Act, onto which was attached the Unlawful Internet Gambling Enforcement Act (UIGE Act) of 2006. In essence, the UIGE Act prohibits the acceptance or use of any payment instrument in any financial transaction for the purposes of unlawful Internet gambling within U.S. soil. Subsequently, the governing bodies will have 270 days to adequately implement the Act into law. Meanwhile, in 2005, the country of Antigua and Barbuda, which houses some of the largest I-gaming operators in the world, has obtained a decision from the World Trade Organization (WTO) in its favor, ruling that United States efforts to prohibit the provision of gambling and betting services to consumers in the United States violated American free-trade commitments under the WTO's General Agreement on Trade in Services. Antigua and Barbuda is engaged in further tribunal proceedings with the United States at the WTO to determine whether the United States is in compliance with the ruling. Europe, however, has gradually opened up the I-gaming sector when the United Kingdom sought to regulate the industry within its country, with more and more countries to follow in its footsteps. "The recent ruling from the U.S. has had zero impact on our business since all our business is catered toward the European continent. We will continue to work on the licensing applications on hand and will also seek to greatly expose our presence in Europe by means of a local consultation assistant," stated Pegasus Gaming President & 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.