Virtual Currency Pioneers to Join Forces; Internet Gaming Entertainment Ltd. Acquires Yantis Enterprises, Inc

Business Wire, Jan 22, 2004

Business Editors/High-Tech Writers

BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 22, 2004

Internet Gaming Entertainment, Ltd. ("IGE") (www.ige.com), the worldwide leader in the market for buying and selling virtual property used in multiplayer online games, announced today that it has agreed to acquire substantially all of the assets of Yantis Enterprises, Inc. (www.mysupersales.com).

The deal involves both cash and equity in IGE's parent company, IGE U.S. LLC ("IGE U.S."), headquartered in Boca Raton, Florida, according to Randy Maslow, Senior Vice President and General Counsel of IGE U.S.

Massively multiplayer online role-playing games ("MMORPGs") like EverQuest and Ultima Online are filled with virtual property -- things like magic weapons, houses, in-game currency, and characters that are bought and sold on auction exchanges, with thousands of dollars trading hands every day. The total trade volume for virtual property is estimated by Professor Edward Castronova, professor of economics at Cal-State Fullerton, to exceed $400m annually, with an undetermined portion of that amount annually captured in real-world dollars by dealers in virtual currency and goods.

With more than 80 employees and thousands of suppliers, IGE is the largest provider in the world of virtual currency exchange and game-enhancement services to players of MMORPGs. The company provides 24x7x365 customer service and tech support from its state of the art operations center in Kowloon Bay, Hong Kong.

"Jonathan Yantis is an entrepreneur who blazed the trail in creating a market for the exchange of virtual currency and property," said Brock Pierce, CEO of IGE U.S. "This acquisition is a big step for both us and the virtual currency exchange market as a whole, and solidifies our position as the largest player in this market by far."

Mr. Yantis will be joining IGE U.S. as Chief Operating Officer and a member of the company's Board of Managers. The other members of the Board include Mr. Pierce, Mr. Maslow and Alan Debonneville, President of the IGE subsidiary in Hong Kong.

"This is a marriage of the two pioneers in this industry," said Jonathan Yantis. "I'm excited to be joining IGE and look forward to our future successes together."

About IGE

IGE is the worldwide leader in providing game-enhancement services to players of online massively multiplayer online role-playing games ("MMORPGs"). IGE has built an internet-based platform for the buying and selling of virtual currency and virtual goods used by players of MMORPGs. IGE is also the worldwide market leader in providing "power-leveling" services whereby players may increase the skill level of their own MMORPG characters without the investment of time usually required and without the risk of purchasing another gamer's account. IGE's services are provided from the company's state-of-the-art operations center in Kowloon Bay, Hong Kong. IGE is a wholly-owned subsidiary of IGE U.S., LLC, headquartered in Boca Raton, Florida. For more information, visit the website at http://www.ige.com.