Phantom Fiber Corporation
OTC Bulletin Board : PHFB

Phantom Fiber Corporation

June 21, 2005 16:01 ET

FireOne Group and Phantom Fiber Partner to Provide Advanced Mobile Payment Solution

TORONTO, ONTARIO and DUBLIN, IRELAND--(CCNMatthews - June 21 2005) -

Companies to Offer a Complete Mobile Payment Solution to Customers Worldwide

FireOne Group plc (London Stock Exchange (AIM): FPA), a leading gaming payments provider, and Phantom Fiber Corporation (OTCBB:PHFB), the leading developer of wireless platform software, have partnered to mobilize FireOne's stored value wallet, FirePay (www.firepay.com). The FirePay funding method will be promoted and recommended by Phantom Fiber as a preferred payment method.

The companies have signed a four-year license agreement under which FireOne will integrate Phantom Fiber's advanced wireless platform to extend its payment solution to mobile customers with support totaling more than 1,000 mobile device types worldwide. FireOne's mobile payment solution will provide customers with seamless account funding, transaction history and usage reporting. The companies expect that deployment will be completed within the next 30 days.

The first phase of the agreement will allow customers to download the mobile wallet application to their cellular device and fund their FirePay account virtually anywhere, anytime and still enjoy their mobile gaming with applications powered by Phantom Fiber. The ability to access account balance information and historical transactions will also be included.

Jeff Halloran, President and CEO for Phantom Fiber commented, "Since 1997, FireOne's management team has been involved in the online gaming industry and their experience has allowed them to capture a significant share of the online payment processing transaction market - making them one of the premier payment processors in the industry. Because our platform solution is deployed in many gaming verticals, FirePay customers will be able to use their mobile wallet for all types of gaming transactions and eventually for mobile commerce without ever requiring a desktop PC to manage their account. In the final analysis, players and consumers want convenience which Phantom Fiber precisely delivers with worldwide access and transactional capability from virtually any mobile device. After several discussions, FireOne has proven to be an extremely creative company with many ideas that will allow them to become a premier payment processing method for the mobile commerce sector."

Ben Dalfen, Chief Operating Officer of FireOne stated, "With over 300 established clients representing approximately 1,500 websites in the online gaming industry, FireOne views mobile gaming as a next logical progression for our services. We partnered with Phantom Fiber because of their proven wireless platform solution and their entry into all verticals within the gaming industry - from sportsbooks to casinos to poker rooms and more."

"Over the next ten years, industry experts believe that mobile wireless gaming is poised to grow as fast as the PC-based gaming industry has grown, and FireOne is well positioned to capture our market share of the payments side of the business," Mr. Dalfen concluded.

Safe Harbor Statement

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. Actual results of FireOne Group may differ because of factors such as the following: the legality and legitimacy of online gaming is unclear in certain jurisdictions; legislation relating to the issuing of e-money could affect FireOne; increasing government regulation of Internet commerce could make it more costly or difficult to continue FireOne's business; FireOne is subject to data protection laws and regulations; FireOne may be subject to liability or business interruption as a result of unauthorized disclosure of stored data; FireOne is subject to other legislative risks and uncertainties; dependence on key personnel; risk from fraud and disputes; risks associated with chargebacks; FireOne must comply with credit card and cheque clearing association rules and practices which could impose additional costs and burdens on FireOne's business; FireOne might not successfully implement
strategies to increase adoption of electronic payment methods, which could limit growth and affect profitability; FireOne faces strong competitors and a rapidly evolving market; FireOne may not be able to develop new services that are accepted by its customers; the business systems of FireOne are based on sophisticated technology which may be negatively affected by technological defects and development delays; FireOne has limited operating history; FireOne relies on financial institutions, including several current or potential competitors, to process payment transactions; consumer complaints or negative publicity about FireOne's services could impact negatively on FireOne's business; inability to manage growth; FireOne's quarterly operating results fluctuate and may not necessarily be an accurate indicator of future performance, which could cause FireOne's share price to fluctuate and decline; it may be costly and/or time-consuming to enforce FireOne's rights with respect to assets held in foreign jurisdictions; FireOne has limited experience competing in international markets, therefore international expansion plans will expose FireOne to greater political, exchange rate fluctuation and other risks; FireOne does not anticipate paying cash dividends in the foreseeable future; FireOne is reliant on Optimal Group Inc; the majority of FireOne's transactions are conducted over the Internet and will therefore be open to an element of risk; security breaches in FireOne's systems may expose FireOne to additional liability and result in the loss of customers and merchants, or an inability to conduct business; privacy breaches in FireOne's services may expose FireOne to additional liability and result in the loss of customers and merchants, or an inability to conduct business; FireOne may experience breakdowns in its services, its payment processing systems, the systems of third parties or the Internet that could damage consumer or merchant relations, FireOne's business or reputation and expose FireOne to liability, which could adversely affect the business; FireOne must maintain and protect the physical security of servers; FireOne's infrastructure could prove unable to handle a significantly larger volume of transactions; and FireOne may not protect proprietary technology effectively, which would allow competitors to duplicate products.

About FireOne Group

FireOne Group plc is an Irish-based provider of payment processing services for the online gaming industry, providing the operators of online casinos, poker rooms and sports books and their customers with a secure, convenient and cost-effective system to collect, deposit and withdraw funds. FireOne Group and its subsidiaries process online gaming transactions through the use of credit and debit cards, electronic debit and through FirePay (www.firepay.com), a leading stored-value, electronic wallet. FirePay is used for non-gaming purchases as well.

FireOne Group plc - London Stock Exchange (AIM): FPA

About Phantom Fiber Corporation

Phantom Fiber Corporation (OTC Bulletin Board:PHFB) is the leading developer of wireless platform software that enables our customers to deliver high-performance applications across global communications networks to mobile users. Our wireless platform extends the rich multimedia content and user experience of existing Internet web sites securely and instantly to a wide array of wireless devices including PDAs and programmable cellphones.

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 by physicians; securities research and trading; and, remote monitoring and the management of logistics and distribution. Phantom Fiber recently introduced it's 3rd Generation Advanced Wireless Platform ("3G Powered" Wireless Platform) which supports over 1000 mobile devices worldwide and includes a host of new features of benefit to gaming operators serving a global audience.

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