Chimera Completes Master Licensing Agreement
LAS VEGAS, Dec 6, 2004 (BUSINESS WIRE) -- The board of directors of Chimera Technology Corp. ("Chimera") (Pink Sheets: CNOC) ( www.chimeratechnology.com ) is pleased to advise that terms for the Master license sale, as per a letter of intent signed Nov. 2, 2004, between Grade Point Adverage Inc. (Pink Sheets: GPTV) dba Pegasus Gaming Corp. and Chimera Technology Corp. have now been formalized.
The terms of the sale of a Master license agreement, for the continents of Europe and Africa, to be operated by Pegasus Gaming Corp., have now been agreed on as a total price of US $2,000,000. The transaction calls for US $1,000,000 to be paid, by quarterly payments of US $250,000, and the issuance of US $1,000,000 in common stock of Pegasus Gaming Corp.
In addition to the sale proceeds, Chimera will receive a royalty fee from the operations of Pegasus Gaming Corp., as an Internet operated gaming site, in accordance with the standard royalty fee schedule for all licensees and, ongoing royalties from sub-licenses operations of 8 percent. The transaction is to close by Dec. 31, 2004.
David Cheng, president of Pegasus Gaming Corp. , commented: "With the completion of the license terms, we see that 'Chimera' is the right choice for our company as a business partner. Not only do we consider the online technology and related business solutions acquired as being great products but that the support of 'Chimera' to assist the company to commence operations, and all of the input and support offered, is a testament as to how future business will be conducted. We have now engaged a chief European advisor, with South African origin and business experience, who will be responsible for the product launch in 2005. We expect to add additional staff in January 2005, as required."
Ken Chua, president of Chimera, stated: "The exclusive license sale to Pegasus represents to me that the business strategies commenced four years ago and the input from the many committed people as to the business products and applications, has been proven. We will be working very closely with Pegasus to assist with the rollout of their own operations and to advise on sublicense sales. We see that, although Europe has enjoyed gaming for many years, interest in Internet-provided products can only increase. Further, Africa has not yet been serviced to any degree with Internet-based products, and the growth potential there is significant.
"We intend to be there for Pegasus to ensure that the operating launch and continuing operations will be such that the online experience of their clients will be second to none."
This press release is available on the company's official online investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/ and view the "Chimera Technology" Investor Discussion and Contact Forum. Alternatively, investors can e-mail AGORA Investor Relations directly at CNOC@Agoracom.com .
About Chimera Technology Corp. ( http://www.chimeratechnology.com/ )
Chimera Technology Corp. is a Nevada-based I-gaming software and e-commerce services company, competing in the more than $10 billion annual online gaming marketplace. The company, through a wholly owned subsidiary, is an international developer, licensor, and provider of online gaming products, including online bingo, casino, sports book, and pari-mutuel betting. Chimera Technology Corp. has successfully developed a supreme multi-player online Internet bingo technology, a second-generation world-class pari-mutuel sports books wagering platform and a full line of online Internet casino games suite. In addition, the company has developed its state-of-the-art "BIRDS EYE" System, a complete back-office management system that operates the entire e-commerce transactions, gaming Web sites, accounting system and licensees' management/reporting platform that is second to none, giving Chimera an opportunity to establish a leadership position in this enormous market.
To obtain further information on Chimera Technology Corp., please visit Internet Web sites http://www.chimeratechnology.com/ and http://www.724bingo.com/ .
The above statements in regard to Chimera, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Chimera's beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to the parties as of such date. It is important to note that the actual outcome and the actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties, such as technological, legislative, corporate, financial and marketplace changes.
SOURCE: Chimera Technology Corp.
CONTACT: Chimera Technology Corp., Las Vegas
Ken Chua, 801-998-0005
Fax: 801-998-0005
or
AGORA Investor Relations
CNOC@Agoracom.com
http://www.agoracom.com
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