• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Electronic Game Card, Inc. Partners with China LotSynergy To Enter the Chinese Lottery Market

Posted on: Tuesday, 13 October 2009, 07:04 CDT

NEW YORK and LONDON, Oct. 13 /PRNewswire-FirstCall/ -- Electronic Game Card, Inc. (OTC Bulletin Board: EGMI) ("EGC"), announced today that it has signed a definitive agreement to partner with China LotSynergy Holdings Ltd. ("CLS") to enter the Chinese lottery market. The companies will conduct initial trials during the next few months in China to ensure optimum offering for the market. China LotSynergy, publicly traded in Hong Kong (8161.HK), is an established leader in lottery technology in the fast growing Chinese Lottery market, with extensive local expertise and established contracts. One of CLS' missions is to implement innovative applications that will further develop China's Lottery industry.

"This agreement to partner places EGC on a path that may lead to substantial business in China, and provides an incredible opportunity for EGC to work with a lottery industry leader focused on using innovative technology to expand and grow their business in a potentially very large market," stated Kevin Donovan, CEO of Electronic Game Card, Inc. "China's burgeoning lottery market is projected to grow substantially. Although the industry has been operating for a number of years, it is newly regulated, opening vast opportunities to expand in a secure consumer environment."

In China authorized lotteries generated approximately 106 billion yen (US$15.5 billion) in revenues in 2008 experiencing approximately 15 percent compound annual growth over the past decade.

Ivy Lau, Chairperson and CEO of China LotSynergy commented, "Our goal is to contribute to the secure operation and healthy development of China's lottery market. We have formed partnerships with global industry leaders such as International Game Technology ("IGT"), GTECH, and, now, Electronic Game Card to ensure the success of our mission. We are actively engaged in enriching the variety and content of games. The Electronic GameCard(TM) is an engaging next generation platform that we believe will contribute materially to the accelerated growth target of the lottery industry in China and throughout the region."

Under the terms of the Strategic Partnership, EGC will provide the China LotSynergy Electronic Lottery GameCards for initial sales and marketing efforts. In addition to the Lottery GameCards, EGC and CLS will also cooperate in markets involving royalty credit and gift projects. In addition to the People's Republic of China territory, once a joint venture between the companies is established, the joint venture will have the right of first refusal for further distribution expansion into the Asia Pacific region including Hong Kong, Macau, Taiwan, Malaysia Vietnam, Singapore, Philippines, Cambodia, North Korea, Indonesia, Thailand, Laos, Brunei, Fiji, and Federated States of Micronesia, excluding Japan and South Korea.

About Electronic Game Card, Inc.

Electronic Game Card, Inc., (OTC Bulletin Board: EGMI), develops, produces and markets innovative games to the promotional industry worldwide, toys and games, casinos and lottery. The Company's lead product is the EGC Electronic GameCard(TM), a unique credit card-sized pocket game combining patent and patent-pending proprietary technology of interactive capability with "instant win" excitement. The "EGC Electronic GameCard(TM)" can be programmed to suit a variety of gaming and promotion applications.

EGMI's client base is across the $100 billion global market of, sales promotion, gaming and casinos, Indian gaming and state and national lotteries markets. EGMI develops sales and marketing relationships with agents and distributors globally and currently has agents and distributors in North America, United Kingdom, Ireland, Mexico, Italy, South Korea, Sweden, Norway, Denmark, Finland, South Africa Australia, New Zealand and Japan.

For further information please visit www.electronicgamecard.com.

About China LotSynergy Holdings Limited

China LotSynergy ("CLS") is principally engaged in investment, project development and the provision of technologies and equipment and consultancy services in lottery business and related sectors in the People's Republic of China. The Company is listed on the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited.

Certain statements in this news release may constitute "forward-looking" statements within the meaning of section 21E of the Securities and Exchange Act of 1934. The Company believes that its expectations, as expressed in these statements are based on reasonable assumptions regarding the risks and uncertainties inherent in achieving those expectations. These statements are not, however, guarantees of future performance and actual results may differ materially. Risk factors are listed in the most recent Annual Report on Form 10-KSB and Quarterly Report on Form 10-QSB filed with the Securities and Exchange Commission.

Contacts: Yvonne L. Zappulla Managing Director Grannus Financial Advisors, Inc. (212) 681-4108 yvonne@grannusfinancial.com Kevin Donovan Chief Executive Officer Electronic Game Card, Inc. (866) 924-2924 investor.relations@electronicgamecard.com

SOURCE Electronic Game Card, Inc.

Source: PR Newswire

More News in this Category