Chimera Technology Corp (fka CNOC)

[otterman]

I guess now we know. Seems I was right about the industry wide changes but certainly not beneficial to us:(

Chimera to Exit the Online Gaming Industry
LAS VEGAS, June 18, 2007 (PRIME NEWSWIRE) -- Chimera Technology Corp. ("Chimera") (Pink Sheets:CNOC) (http://www.chimeratechnology.com) is pleased to confirm that the company has entered into a Letter of Intent with Pegasus Gaming Corp "Pegasus" (Pink Sheets:PGGG) whereby "Chimera" will assign all aspects of the turn key gaming technology and applications to "Pegasus" in return for payment of 15 million "Pegasus" common shares. Pegasus will also provide an undertaking to assume all contractual agreements that Chimera has in place to Licensees of the Chimera 2 technology platforms and applications. These contracts will include all Costa Rica operations that Chimera has in place for licensees, who will see business as usual continue with no changes, although operations will now be under the management of "Pegasus". On transfer of these facilities to "Pegasus", "Chimera" will have no further involvement with software licensees. As consideration for a non-recourse transfer, "Chimera" will cancel shares of "Pegasus" originally received as considerations for the granting of an exclusive licensing right for the European continent in 2005.

Over the past 12 months, the Board of Directors has been reviewing several business options for "Chimera", which has been necessitated by the significant reduction in future business prospects for the gaming related software providers world wide, with the passing of the U.S. legislation on illegal online gaming bill. These reduced business opportunities are a direct result of several large gaming companies ceasing operations and or disposing of their operations due to current changes in the operations of Internet gaming companies which can operate in jurisdictions that consider the business applications as illegal. In order to refocus on building shareholders value, "Chimera" has therefore assigned all interests in the proprietary software and the operations thereof to "Pegasus", who since 2005 are already operating with European and Asian facing operators. With the transfer of the technology and proprietary applications, "Pegasus" has committed to carry on serving all "Chimera" licensees, in addition to their existing client base. The Board of Directors has approved that all proceeds from the sale of the operations are to be distributed to "Chimera" shareholders as a dividend and more information on this disbursement will be available shortly.

Ken Chua, "Chimera" President, commented, "While we consider that in due course gaming applications legislation will be passed which will enable Internet operators to look to resume business operations on a larger scale, "Chimera" has not received new license applications which will meet the required business plan targets. In this regards, the Board has given instruction to cease operation which are no longer profitable and to look to other business opportunities to continue building shareholders value. The Gaming industry has presented "Chimera" with exciting business opportunities in the past few years, which were profitable until operators were legislated to only conduct businesses in the appropriate jurisdictions, and as such, no new growth has been evident. We consider that "Chimera" has achieved its mission to becoming a leading provider of the innovative solutions to internet based Gaming operations and have negotiated very favorable terms for our licensee and sub-licensees to continue operations, with no effect on their existing operations and with the benefit of new technology and application which have been pending introduction, to complement their existing platform usage."

The Chimera Technology Corp. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2579

The above statements in regard to Chimera, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Chimera'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.

CONTACT: Chimera Technology Corp., Las Vegas
Ken Chua
720-533-7006
Fax: [phone]



Source: PrimeNewswire (June 18, 2007 - 3:33 PM EDT)

News by QuoteMedia
www.quotemedia.com