The developer of wireless platform software will use the proceeds from a private placement of unsecured convertible notes and warrants to an institutional investor, to accelerate the client deployment rate and the company\’s growth efforts in the mobile gaming sector with additional marketing and technical resources.
“Our number one priority is to increase profitability and growth and this can only be achieved by increasing market share through partner channels with additional sales, through increased mobile product deployments and through aggressive marketing and advertising activity,” said Jeff Halloran, President and CEO for Phantom Fiber Corporation.
“In September 2005, we announced an aggressive mobile deployment strategy with several gaming partners focused in different gaming verticals and noted that significant technical innovations were added to our advanced wireless platform to further accelerate adoption for mobile gaming products across our client base. Since then, we\’ve been rolling out many additional mobile operating brands which will enhance our revenue for 2006 and beyond. With stronger sales and marketing focus and additional technical staff, we expect to continue to open many new opportunities to gain broader distribution and momentum for mobile products powered by our leading advanced wireless platform. Phantom Fiber\’s advanced wireless platform provides unique and advanced features which clearly place us ahead of any competitor offering on a global scale,” he added.
In separate news last week, 777 Sports Entertainment announced that gross revenues from all casino operations of 777betz.com for November 2005 remained consistent at $16 million.
President James Po Ho Cheung noted that he expects that gross revenues for December 2005 will show a similar handle and that gross revenues for the year ending 2005 should come in ahead of budget.
The Costa Rica based company expects to deploy new programs, including a new software application, during 2006.
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