Fireswirl Technologies Inc.

Fireswirl Technologies Inc.

June 06, 2007 10:56 ET

Fireswirl Acquires 3G Video Portal Service Platform

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2007) - Fireswirl Technologies Inc. (TSX VENTURE:FSW) is pleased to announce that its wholly owned subsidiary, Fireswirl Asia Limited, ("Fireswirl"), has entered into a purchase and service agreement to acquire a 3G Video Portal Service Platform from Prime Creation Technology Limited ("PCTL") to be deployed in Macau with testing and installation scheduled for completion in September 2007. The platform allows interactive video content to be deployed by mobile phone carriers to users who are then charged fees based on their usage. It supports video streaming with interactivity that enables users to view and respond instantly to content through their 3G (third generation) mobile phones.

The turnkey price (including maintenance) payable to PCTL is HK$2,240,000 (approximately Cdn $310,000), plus a revenue sharing arrangement whereby Fireswirl will receive 80 percent and PCTL will receive 20 percent of network revenues after Fireswirl recovers 100 percent of its initial purchase price and related start up costs. The initial term of the purchase and service agreement with PCTL is three years with annual renewals thereafter.

"3G is a growing phenomenon with numerous applications for mobile gaming," stated Dale Peterson, President and CEO of Fireswirl Technologies. "Controlling the platform gives us an advantage over other companies and provides an ideal infrastructure for the deployment of our gaming applications. It is particularly exciting to have access to this infrastructure in Macau, the largest gaming hub in the world."

PCTL, a privately held company based in Hong Kong, focused on system integration for mobile carriers and wireless application service providers in the Asia Pacific Region. Since its inception in 2002, PCTL has formed partnerships with a number of industry leaders, including Ericsson Limited and Lucent Technologies.

About Fireswirl Technologies Inc.

Fireswirl Technologies Inc. (TSX VENTURE:FSW) is focused on creating transactional revenue by engineering electronic and mobile commerce solutions for content providers. The company's technology has broad applications for those requiring multiple payment interfaces, multi-currency and multi-language capabilities. It can be adapted to any industry seeking high volume or micro-payment solutions involving a wide base of users through internet or wireless applications.

Forward Looking Statement

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to risks associated with foreign countries, changes in laws and regulations, proprietary protection, dependence on market growth, foreign exchange fluctuations, regulatory requirements and dependence on the internet and system infrastructure. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

Contact Information

  • Fireswirl Technologies Inc. - Head Office
    Dale Peterson
    President & CEO
    (604) 685-9555 Ext. 230
    (604) 605-0633 (FAX)
    Fireswirl Technologies Inc.
    Keir Reynolds
    Investor Relations
    (604) 684-4743 Ext 231 or Toll Free 1-866-684-4743