Phantom Fiber Corporation
OTC Bulletin Board : PHFB

Phantom Fiber Corporation

May 31, 2006 08:30 ET

Phantom Fiber Opens Offices in New York City and Costa Rica

TORONTO, ONTARIO--(CCNMatthews - May 31, 2006) -

New offices expected to increase exposure and sales

Phantom Fiber Corporation (OTCBB:PHFB) has expanded its operations with newly established offices in New York City and San Jose, Costa Rica. Phantom Fiber is widely regarded as the leading developer of wireless platform software in the gaming industry. Its new Costa Rican office is part of a broader corporate strategy to increase sales by advancing marketing efforts and providing operational support for Phantom Fiber's clients and partners in Costa Rica and throughout Latin America. The Company's New York City office is expected to allow key management to have direct access to the United States media and investment community, as well as help build the Company's corporate profile.

"We have seen unprecedented growth and commitment from key partners with offices located in Costa Rica and throughout the Latin American market," said Jeff Halloran, Company President and Chief Executive Officer. "Phantom Fiber has continually developed its wireless platform and service offerings to accommodate the fast-growing demand for mobile solutions to gaming operators worldwide. With a large base of clients and partners located in Latin America, specifically Costa Rica, and continued demand for our services, the timing was right to spearhead an expansion strategy designed to better accommodate the needs of our gaming clients who have accelerated their plans for the mobile channel in 2006. The team we have placed in Costa Rica has extensive knowledge of the industry, the client base, and the region. We are confident they will deliver immediate results, and we welcome them to our team."

The Company hired Shane Lourensse, Vice President of Business Development, to head up the new Costa Rican office, and lead the expansion of the Phantom Fiber brand, increase sales and grow the Company's overall presence in the Central and South American markets,

Phantom Fiber's New York office is located at:

Chrysler Building Center
405 Lexington Avenue, 26th Floor
New York, NY

Phantom Fiber's Costa Rica office is located at:

Altos de Bello Horizonte
House #A6
Escazu, San Jose
Costa Rica

About Phantom Fiber Corporation

Phantom Fiber Corporation (OTCBB:PHFB) is the leading developer of wireless platform software that enables its customers to deliver high-performance applications to mobile users across global communications networks. Phantom Fiber's wireless platform extends the rich multimedia content and user experience of existing Internet web sites to a wide array of wireless devices, including PDAs and programmable cell phones, securely and instantly. This platform is already deployed to most segments of the global gaming industry, and can be used by enterprises seeking to implement high performance mobile applications in such markets as: remote medical record access, securities research and trading, and the management of logistics and distribution. Phantom Fiber's Advanced Wireless Platform supports over 1000 mobile devices worldwide.

Forward-Looking Statements

Some statements in this release are "forward-looking statements" as that term is defined in Sections 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"), and are subject to certain risks and uncertainties, including, but not limited to, economic conditions, competition, changes in laws and the demand for the company's goods and services, which could significantly affect anticipated future results. Actual results may differ materially from any forward-looking statements.

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