SOURCE: RTG Ventures Inc

October 01, 2010 10:41 ET

iPayu Passes First Round of Testing

NEW YORK, NY--(Marketwire - October 1, 2010) -  iPayu, RTG Ventures, Inc. (OTCBB: RTGV) payment systems technology business, a joint venture with International Financial Systems Limited, has successfully passed through its first full phase of testing prior to a commercial Beta release, which is expected later this year. The technology allows mobile phone users to send money to friends and family using simple SMS text commands and is built on a professional banking software system. Another planned application will enable consumers to use iPayu as a mobile wallet to pay for goods and services online and in-store and the system has huge potential in loyalty and promotional couponing too. 100 percent of mobile phones have SMS messaging technology.

Dominic Hawes-Fairley, RTG Ventures CEO, explained: "This phase of testing was focused on assessing speed, reliability and scalability of the product for the first commercial applications we roll out. I am happy to report that the core system is ready and the power of it is quite breathtaking. I can't overstate the importance of the fact that this system is built on a banking system. This is going to allow us to do things and create applications that our nearest competitors can't. It's a compelling competitive advantage and I'm really excited about being able to unveil the full products later this year.

"The next stage is tailoring user interface to the specific needs of our first vertical markets and performing a much needed upgrade to the public website, both of which are now underway."

iPayu will be launched and tested in the UK market and is expected to launch its first products in the USA in 2011. Business development activity has already begun on both side of the Atlantic and potential customers have endorsed the company's strategy.

RTG Ventures, Inc. is a NASDAQ BB listed company (OTCBB: RTGV) offering a turnkey media monetization solution to rights owners of music video content. At the heart of RTGV's total product offering is a Monetization Platform which allows rights owners to define and tag media content in detail, set and enforce rights management and distribution rules, receive payment on distribution and obtain detailed analytics in real time.

RTG Ventures is organized as three divisions; Media Systems, Payment Systems and Software and Services, each of which contains both wholly-owned companies and joint ventures with independent business plans, strategies and management. In addition to servicing their discrete markets, these companies all contribute to RTG Venture's total product offering for media rights owners.

The foregoing contains certain predictive statements that relate to future events or future business and financial performance. Such statements can only be predictions, and the actual events or results may differ from those discussed due to, among other things, those risks described in RTGV's reports filed with the SEC. Opinions expressed herein are subject to change without notice. This document is published solely for information purposes, and is not to be construed as an offer to sell or the solicitation of an offer to buy any securities in any state. Past performance does not guarantee future performance. Additional information is available upon request.