SOURCE: Cephas Holding Corp

September 02, 2010 09:33 ET

Cephas Provides Corporate Update

PHOENIX, AZ--(Marketwire - September 2, 2010) -  Cephas Holding Corp (PINKSHEETS: CEHC) today issued an update regarding corporate activities.

SEC Filings. The Company has received its audited financial statements from Silberstein, Unger with the consent to file the 2009 10-K. Management is completing its review of the narrative portion and intends to file the annual report shortly. Additionally, the company expects to file the remaining Form 10-Qs to become current in its reporting. Upon submission of the outstanding filings, Cephas will once again become eligible for the OTCBB and will make application through a market maker. 

iPhone/iPad. Cephas has completed the development of the Fedor Emelinenko signature application. Release of Fedor Mobile is expected within 30 days. Cephas has signed a three year contract with UFC and Pride superstar Wanderlai Silva to develop signature iPhone applications. Cephas is actively negotiating with other MMA brands and stars for the iPhone and iPad categories. The Company is finalizing an update for its MMAUnderboss application which is a popular mobile newswire. The company believes that it can be a leader in MMA applications for the iPhone platform. 

Cephas deems its "Metal News" application a successful test of the advertiser supported model for iPhone application. The Company will look to develop more advertiser driven apps in the future. 

Other Activity. The company's investment in a modeling venture continues to show great promise. The company intends to provide further information on its agency investment after the filing of the company's 10-K. Finally, Cephas has also settled a shareholder lawsuit. 

FORWARD LOOKING STATEMENTS The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such forward-looking statements involve known and unknown risks and uncertainties, including all business uncertainties relating to product development, resuming OTCBB quotations, marketing, market acceptance, future capital requirements, competition in general and other factors that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

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