CYOP Systems (fka CYOS)

[DTGoody]

I have been looking over some old PR's and I found something interesting. I need a little help understanding this correctly, but I believe it's saying the SB2 filing is void?

I sold because I found that SB2 filing, and I believed it was going to increase the A/S. I look at this news release it appears the SB2 was voided? If so this is very good news as it means the A/S will stay at just 500 million shares.

I may have to buy back in this one as it moves on air.

News: CYOP Systems Provides Shareholder Update

LONDON -- (MARKET WIRE) -- May 23, 2007 -- CYOP Systems International Inc. (OTCBB: CYOS) has provided the following update to its shareholders.

The Company will be unable to file its 10QSB for the First Quarter of 2007, and expects to be de-listed from the NASD OTC exchange. This is due to its inability to pay vendors.

The Company will also be unable to re-file its SB2.

The Company also announced the resignation of Jorge Andrade and Randy Peterson as Directors of CYOP Systems International Inc. and all its subsidiaries. Messrs. Andrade and Peterson did not resign as a result of any disagreement relating to our operations, policies or practices.

Patrick Smyth, CEO, commented, "A raft of issues has made the turnaround of CYOP extremely difficult to achieve. These included the Unlawful Internet Gambling Enforcement Act of 2006, which hampered efforts to build new business, as well as costing the company clients."

Mr. Smyth continued, "Messrs. Peterson and Andrade were excellent Board members who brought a lot of experience and insight into the company, and I thank them both for their tireless efforts in building value. Mr. Bryan also recently left CYOP, and I express thanks to him for his expertise and commitment during this difficult period."

This press release may contain forward-looking statements which are pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ materially and all forward-looking statements involve risks and uncertainties including, without limitation, risks associated with the Company's financial condition and prospects, legal risks associated with Internet gaming, risks of governmental legislation and regulation, risks associated with market acceptance and technological changes, risks associated with dependence on third-party software providers, risks relating to international operations, and risks associated with competition..