SOURCE: Sona Mobile

January 05, 2007 08:30 ET

Sona Mobile Brings Wagering Online for the New York Racing Association

Sona Announces Contract to Develop Web-Based Wagering Solution for NYRA

NEW YORK, NY -- (MARKET WIRE) -- January 5, 2007 -- Sona Mobile Holdings Corp. (OTCBB: SNMB) announced today that it has signed a contract to form an exclusive strategic partnership with the New York Racing Association (NYRA), the owner and operator of the three largest racetracks in New York -- Belmont Park, Saratoga and Aqueduct.

Under the terms of the agreement, Sona Mobile will develop a web-based wagering platform which will allow racing fans to access real-time racetrack information and securely place wagers on all races. Phase I of the project will include online registration, access to track information and online wagering capabilities. Phase II will provide streaming videos of all races, access to real-time user account information and account funding features. It will also deliver additional racetrack information including scratches and real-time race results. Both phase I and II are expected to be completed in the first quarter of 2007.

Sona Mobile has received 50% of the development funds for the project and expects to recognize revenues in that amount in the first quarter of 2007. The balance will be received and booked as revenues upon NYRA's final acceptance of the platform.

NYRA and Sona Mobile are in negotiation to expand the agreement to add mobile wagering functionality using wireless devices including BlackBerry. This would create a significant new source of revenues for the partnership. To accomplish this, NYRA's online wagering portal would be designed to allow for easy interface with Sona's wireless data platform.

"Our team is very impressed by the performance and functionality of Sona's software applications for gaming and entertainment, and we are excited to announce our joint initiative aimed at creating the NYRA web-based wagering site," said Charles Hayward, NYRA's President and CEO. "By providing NYRA customers with online wagering capabilities and real-time access to our content, NYRA will not only generate incremental revenues but also boost its brand recognition."

Chairman and Chief Executive Officer of Sona Mobile, Shawn Kreloff, said, "We are very excited to be working with the New York Racing Association. NYRA generates over $11 million in daily handle. Offering online access to NYRA's content creates significant revenue potential and creates a foundation for future wireless wagering initiatives."

Forward-Looking Statements

Certain statements made in this press release are "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934 regarding the plans and objectives of management for future operations and market trends and expectations. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these forward-looking statements include judgments with respect to, among other things, our ability to develop a NYRA-branded platform, future economic, competitive and market conditions with respect to the product and otherwise, and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that our assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking statements included in this report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. The terms "we," "our," "us," or any derivative thereof, as used herein refer to Sona Mobile Holdings Corp., a Delaware corporation, and its predecessors.

About Sona Mobile

Sona Mobile Inc. is a leading provider of secure mobile solutions for gaming and entertainment applications as well as access to financial and enterprise information. Sona's technology delivers a rich client experience without compromising performance or security. Sona's key differentiator is the innovative Sona Wireless Development Platform (SWP) and 3D mobile methodology. The SWP architecture works across a wide range of mobile devices and operating systems, including Research In Motion's BlackBerry® and Microsoft Corp's Windows Mobile® lines. Sona's global strategic alliance with Shuffle Master, Inc. utilizes the SWP to provide users with wireless in-casino gaming.

About The New York Racing Association, Inc.

The New York Racing Association, Inc. is a private, non-profit association that owns and operates the three largest racetracks in New York: Aqueduct, Belmont Park and Saratoga. Last year, more than two million people attended the races at NYRA tracks and enjoyed the highest quality thoroughbred racing in the world. New York's Thoroughbred racing industry provides 17,000 jobs and has a $1.4 billion in annual impact on the New York State economy. Last year, NYRA's Belmont Park and Saratoga Race Course were ranked first and second, respectively, among all North American racetracks in average daily purse distribution.

Contact Information

  • Contact:

    Shawn Kreloff
    Chief Executive Officer
    Email Contact

    Kate Sidorovich
    Investor Relations
    Email Contact