Sona Mobile Develops Automatic Express Funding for New York Racing Association's Web-based Wagering Solution
WEDNESDAY, JULY 09, 2008 8:00 AM
- PR Newswire
NEW YORK, July 9, 2008 /PRNewswire-FirstCall via COMTEX/ -- Sona Mobile Holdings Corp. (SNMB) ("Sona Mobile"), a leading provider of secure software solutions for gaming and entertainment, announced today that it has completed the Express Funding functionality of the Internet Wagering Application for the New York Racing Association ("NYRA") as part of Phase II of a previously announced agreement between both parties. Under the terms of the agreement, Sona Mobile was contracted to develop a web-based wagering platform for NYRA which allows racing fans to access real-time racetrack information and securely place wagers on all races. Phase I of the project included online registration, access to track information and online wagering capabilities. NYRA, which owns and operates the three largest racetracks in New York, will pay Sona Mobile the remaining 50% of the development funds following the launch of Phase II.
Express Funding is the new way for NYRA Rewards Program members to fund their accounts. Members making personal check deposits, including electronic funds transfer requests, will now receive immediate credits to their account. The new and unparalleled functionality is offered as part of the NYRA Rewards Program and is free to its members. The Express Funding program enables eligible users to have immediate access of up to $500 in any single transaction per day, which will be instantly available in their NYRA Rewards account.
Shawn Kreloff, chairman and CEO of Sona Mobile, stated, "The NYRA Rewards Program is arguably one of the country's most attractive account wagering programs with some of the best racing content in the industry. NYRA's use of Express Funding paves the way for Sona to continue to develop and release innovative enhancements to the system, and these enhancements are already being tested by our Research and Development team."
About The New York Racing Association, Inc.
The New York Racing Association, Inc. is a private, non-profit association that owns and operates the three largest racetracks in New York: Aqueduct, Belmont Park and Saratoga. Last year, over 1.8 million people attended the races at NYRA tracks and enjoyed the highest quality thoroughbred racing in the world. New York's Thoroughbred racing industry employs more than 40,000 people across New York State and contributes over $2 billion to New York State's urban and rural economies. Last year, NYRA's Saratoga Race Course and Belmont Park were ranked first and second, respectively, among all North American racetracks in average daily purse distribution.
About Sona Mobile Holdings Corp.
Sona is a provider of secure software solutions for server based gaming and entertainment applications. Sona's patent-pending technology delivers a rich client experience without compromising performance or security. Sona's key differentiator is the innovative Sona Gaming System (TM) (SGS). The Gaming Labs International (GLI) certified SGS architecture works across a wide range of mobile devices, fixed kiosks and operating systems. Sona utilizes the SGS to provide clients with wired or wireless server-based gaming content including slots, table games, video poker and race and sports wagering -- all from a single screen. The SGS enables clients to have a similar gaming interface in a casino, at the track or event, at home on their computer or on their mobile device.
For more information on Sona please visit the company's website, www.sonamobile.com.
Forward-Looking Statements -- Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes," "anticipates," "plans," "expects," or similar words, is forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Actual results could differ materially from the expectations expressed in these forward-looking statements. Potential risks and uncertainties include those described in Sona's public filings with the US Securities and Exchange Commission.
For: Sona Mobile Holdings Corp.
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SOURCE Sona Mobile Holdings Corp.