SOURCE: Competitive Games International

August 18, 2008 10:12 ET

Competitive Games International Receives Initial Tender Offer to Acquire Majority Share Position in the Company

PANAMA CITY, PANAMA--(Marketwire - August 18, 2008) - Competitive Games International, Inc. (PINKSHEETS: CGMI), an innovative and interactive media company (the "Company"), today announced that the Company has entered into a Letter of Intent with respect to a proposal submitted by Sports Network Fantasy Ltd., that outlines a proposed tender offer to acquire a majority position of outstanding shares of the Company.

Sports Network Fantasy Ltd. currently owns and operates, a burgeoning community network for fantasy sports. Sports Network Fantasy Ltd. is making plans to expand into the Casual Games market and other online games venues as it anticipates and prepares for expected congressional changes to gaming laws in the US. The Company has earned a reputation for having an industry leading customer service program and technology platform that includes software fully supporting real sport and fantasy sport wagering.

"The combination of these two established companies will be very complementary given the respective brand portfolios and the demographics in which they predominantly operate," said Sports Network Fantasy Ltd. President and CEO Eric Nguyen. "Additionally, there will be a number of important benefits for Competitive Games in terms of capital availability, profitability and an expanded user base. This consolidation makes both good strategic and financial sense and is well timed, particularly as the gaming laws in the US are under review and the industry's competitive dynamics continue to intensify."

The proposal is subject to, among other things, the execution of a definitive agreement, approval by a committee of the Company's directors and by a majority of the Company's shareholders. The agreement will generally provide for a first-step tender offer for a majority share position of the Company by Sports Network Fantasy Ltd. It is contemplated that the tender offer, if consummated, will be followed by a merger of the acquisition entity with and into Sports Network Fantasy Ltd. The proposed transaction is also subject to the satisfactory completion of a due diligence review by the Company of the business, financial and legal affairs of Sports Network Fantasy Ltd., and receipt of necessary consents and approvals of regulatory agencies and third parties.

The CEO of the Company, Julio Collado, stated, "Sports Network Fantasy Ltd. tender offer is exciting for both companies because of the synergistic opportunities it provides. Sports Network Fantasy Ltd. is an established and recognizable name in the industry. The acquisition will immediately expose Competitive Games to a new demographic, and increase traffic flow and corresponding business opportunities. The Casual Games division coupled with Competitive Games' new social networking capabilities would be a great addition to Sports Network Fantasy Ltd. current sports interests."

About Sports Network Fantasy Ltd.: is a growing fantasy sports network. The Company provides true expertise and business intelligence to its clients. Sports Network Fantasy Ltd. is known for its reliable software and dedication to customer service. The Company has proved it can provide reliable, practical and top-quality software solutions for all fantasy sports venues. For more information, please visit

About Competitive Games:

Competitive Games International, Inc. is an innovative and interactive media company that has been successfully developing all aspects of a newly evolving and dynamic business model within the Skill Games and Social Networking industries. For more information about the company please visit,, and

Forward-Looking Statements

This press release contains certain statements which are not historical or current fact and constitute forward-looking statements within the meaning of such term in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual financial or operating results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms may, will, potential, opportunity, belies, belier, expects, intends, estimates, anticipates or plans to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings. Except historical matter contained herein, matters discussed in this news release are forward-looking statements and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties, which may affect the Company's business and prospects and cause actual results to differ materially from these forward-looking statements.

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