SOURCE: Tryx Ventures Corp.

November 02, 2005 14:33 ET

Tryx Ventures Corp. - Completion of Share Exchange Agreement With Entertainment Software Provider

SEATTLE, WA -- (MARKET WIRE) -- November 2, 2005 -- Tryx Ventures Corp. (OTC BB: TRYXF) (the "Company") is pleased to announce the completion of the acquisition of all of the shares of Ignition Technologies, Inc., a Nevada corporation doing business as Mobile Gaming Now ("MGN"). The transaction closed on October 25, 2005, pursuant to a share exchange agreement dated July 29, 2005.

The Company acquired all of the 47,370 issued and outstanding common shares of MGN in exchange for the issuance by the Company of 4,500,000 shares of the Company's common stock to the shareholders of MGN. As a result of the acquisition, MGN is a wholly owned subsidiary of the Company. The shares of the Company issued in the acquisition of MGN have not been registered under the Securities Act of 1933, as amended (the "Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act.

MGN has developed software for the entertainment industry. MGN was the first to announce they had developed interactive multi-player web and mobile poker software. MGN has focused on using the software in gaming applications such as poker, sweepstakes and games of skill.

The software allows either existing online poker sites or new start-up sites to offer multi-player games to their clients. Previously, poker played on mobile and wireless devices was one-on-one with a computer and not part of a live table. The addition of multi-player poker gives the poker site another tool to attract new players or offer the convenience for their existing players.

Mobile entertainment is expected to grow from $17.6 billion this year to $59 billion by 2009 according to a new report by Juniper Research. According to the same report, gambling is expected to account for 33% of those revenues. MGN expects to be a major software supplier to companies wishing to participate in the rapid expansion of the mobile entertainment industry.

"MGN is uniquely poised to offer both existing and new start-up sites an ability to compete and succeed in the very competitive mobile market," said Mark Jensen, President of MGN. "The industry is changing on a weekly basis, and we are confident we have the path and plan not only to be a participant but an innovator."

MGN has entered into its first license agreement with Fortuna Gaming (UK) Limited, a wholly owned subsidiary of Fortuna Gaming Corp., where the Company anticipates that the licensee will be in a position to offer licensed products to market in November of this year. The licensee intends to offer both free and pay-to-play games to their customers. MGN expects to enter into at least three additional license agreements with licensees within the next four months, all offering both web-based and mobile gaming. Each license will generate revenues through license fees and monthly service and support fees.

The Company is aggressively pursuing its place in the entertainment and online gambling industry. Talks are ongoing to license the software for online gaming and mobile sweepstakes, with games of skill following close behind.

As part of its focus into the mobile entertainment industry, the Company has signed unwind agreements with both Trident Oil and Gas, Inc. and Atlas Energy Corp. from the respective Purchase, Sale and Assumption Agreements previously announced in March 2005. The Company's management feels the change in direction is potentially better for all shareholders and the long-term success of the Company. Accordingly, the Company will no longer be involved in the oil and gas business.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the Act and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that: (i) MGN's software allows poker or start-up sites to offer multi-player games to their clients and acts as a tool to attract new players; (ii) the mobile entertainment industry is expected to grow from $17.6 billion this year to $59 billion by 2009 and gambling is expected to account for 33% of such revenues; (iii) MGN will be a major software supplier to companies wishing to participate in the rapid expansion of the mobile entertainment industry; (iv) MGN is positioned to offer customers an ability to compete and succeed in the mobile market; (v) MGN has the path and the plan not only to be a participant and an innovator; (vi) Fortuna Gaming will be in a position to offer the licensed products to market in November of 2005 and will offer both free and pay-to-play games to their customers; (vii) MGN will enter into at least three additional license agreements within the next four months offering web and mobile gaming; (viii) each future license will generate revenues through license fees and monthly service and support fees; (ix) MGN will be in a position to license software for online gaming, mobile sweepstakes and games of skill in the near future; and (x) the change in business direction will be better for all shareholders and the long-term success of the Company.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (i) the risk that current or future licensees of the Company's products are restricted by laws or regulations concerning gaming or related activities; (ii) the inability of the Company to license its products to licensees as a result of disputes over terms; (iii) the inability of the Company to keep pace with technological advancements in the mobile entertainment industry; (iv) the Company' software not operating as expected; (v) the Company suffering technological problems that the Company cannot economically repair; (vi) the Company not being able to retain key employees; (vii) competitors providing better or cheaper products; (viii) markets for the Company's products not developing as expected; and (ix) the Company's inability to finance its operations or growth. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to risk factors disclosed in the Company's periodic reports filed from time-to-time with the Securities and Exchange Commission and available at www.sec.gov, and the Company's current report on Form 8-K filed on October 31, 2005.

Contact: Tryx Ventures Corp. at (604)-602-9596 or toll free at 1-888-602-9596 to discuss the information contained in this release.

Contact Information

  • Contact:
    Tryx Ventures Corp.
    (604)-602-9596
    toll free 1-888-602-9596