SOURCE: Amico Games Corp.

December 09, 2009 09:00 ET

Amico Games Expects 40% Income Tax Reduction

GUANZGHOU, CHINA--(Marketwire - December 9, 2009) - Amico Games Corp. (OTCBB: AMCG), an information technology company specializing in developing and operating multi-player networked mobile phone games, today announces that, its share exchange partner, Galaxy Software Limited is expected to be eligible for a 40% income tax reduction from 25% to 15% during the upcoming calendar year, which will greatly improve its profitability.

According to the tax policy published by Guangzhou Local Tax Bureau in November 2008, enterprises being officially identified as "high technology" will enjoy the beneficial income tax rate of 15%. Also, shareholders will be free of personal tax if they invest dividends into the enterprise. This is one of many efforts by local Chinese government to support and promote "high technology" businesses such as Galaxy.

Galaxy is qualified to apply for the beneficial tax policy as an information technology company and has submitted all necessary documentation to the Guangzhou Local Tax Bureau. The management believes that its application will be processed by the end of December 2009 and the company will be able to take advantage of the decreased tax rate on its earnings.

Mr. Peter Liu, CEO and President of Galaxy, commented, "We appreciate the beneficial tax policy published by Guangzhou Local Tax Bureau, which will improve our profitability substantially. This tax reduction will enable us to retain more of our earnings to invest into future R&D programs and marketing activities, thus create more value for our shareholders. We are excited about the upcoming year and a reduction in tax will only help our company to grow and continue to establish itself as the leader in our field."

About Amico Games Corp.

Amico Games Corp. (OTCBB: AMCG) is set to acquire a cutting edge interactive entertainment media company specializing in developing multi-player networked mobile phone games that are played over the mobile internet in China -- Galaxy Software Limited. Galaxy Software Limited delivers its mobile phone games across JAVA and WAP platforms over 3G and 2.5G mobile telecommunication network in China. As of October 31 2009, Galaxy's WAP game Miracle Journey to the West has accumulated around 15,000,000 registered users, taking up 11.1% share of multiplayer WAP game market, which is the market leader of the WAP game in terms of registered users.

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Safe Harbor Statement:

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Amico Games Corp.'s filings with the United States Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. See Amico Games Corp.'s Current Report on Form 8-K regarding the share exchange agreement with Vodafun Limited, the parent company of Galaxy Software Limited, for details on various conditions which must be met before the share exchange between the two companies closes. There can be no assurance that the share exchange will close. Amico Games Corp. must issue 54,500,000 shares of its common stock to the current shareholder of Vodafun Limited in order to complete the share exchange. Accounting for the anticipated cancellation of 29,800,000 shares of its common stock, Amico Games Corp. will have 72,700,000 shares of common stock issued and outstanding upon the closing of the share exchange.

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