PGGG Pegasus Gaming Corp (CE)

Pegasus Gaming Corp. (Pink Sheets: PGGG; http://www.PegasusGaming.com), an I-gaming software and e-commerce services company servicing clients from Europe and Africa, is pleased to announce that it has completed its first license agreement with GoldenGooseBet (http://www.goldengoosebet.com). This completed first license in only the second quarter of operation of the company confirms the high potential of further agreements. As stated in our press release of July 13, 2005, Pegasus Gaming entered into a license agreement with GoldenGooseBet to receive a trial package of the I-gaming operating system and platforms. The company initiated a due diligence testing of the turnkey components to determine the feasibility of integrating these components into their existing platforms. Once this testing period ended, the company finalized the licensing agreement. GoldenGooseBet, a United Kingdom-based company, will deploy Sports Betting, Casino, Horse Betting, Mobile Casino and P2P Multi-Players Poker featuring the notorious Texas Hold'em Poker game. The complete network is powered by the Microsoft (Nasdaq: MSFT) Window Server Platform and Sun Microsystems (Nasdaq: SUNW) Java interface. The company uses Neteller (LSE: NLR and OTCBB: NTLRF) as its payment gateway. "We are extremely pleased with the success that we have achieved in only our second quarter of operations," stated Pegasus Gaming president & CEO David Cheng. "The strict due diligence process that was completed by GoldenGooseBet reaffirms the quality of our product and allows us to continue to provide gaming providers a turnkey product to incorporate into their gaming Web sites." Cheng added, "The recent rise in oil prices will certainly have a positive effect on this industry as the gambling public will be more likely to go online to gamble as opposed to traveling by airplane, car or train to its traditional brick and mortar casino as a result of the higher costs associated with traveling due to the skyrocketing price of oil. Oil companies such as American Energy (OTCBB: AMEP) are already seeing the effects of higher oil prices and we believe that Pegasus and the gaming industry in general will also benefit greatly." With the current and continuous success of SportingBet (LSE: SBT), World Gaming (OTCBB: WGMGY), Cryptologic (Nasdaq: CRYP), Chimera Technology (Pink Sheets: CNOC) and PartyPoker (OTCBB: PYGMF and LSE: PRTY), Pegasus is certainly well positioned to capitalize on its future growth. Our state-of-the-art mobile casino platforms are compatible with a wide array of mobile phones, including Nokia (NYSE: NOK), Motorola (NYSE: MOT), Samsung (Nasdaq: SSNLF), and Sony Ericsson (Nasdaq: ERIXF). 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 Pegasus Gaming's IR Hub located at http://www.Agoracom.com/IR/Pegasus. Alternatively, investors can e-mail AGORA Investor Relations directly at PGGG@Agoracom.com. About Pegasus Gaming Corp. Pegasus Gaming Corp. is an Arizona-based I-gaming software and e-commerce services company servicing clients from Europe and Africa. The company licenses a suite of online products, including casino, sports betting, and pari-mutuel horse betting. In addition, the company provides a state-of-the-art complete back-office management system that operates all e-commerce transactions, gaming Web sites, accounting systems and licensees' management/reporting platform. To view the corporate presentation with sound, please click on the following link: www.pegasusgaming.com/slide.pps. The above statements in regard to Pegasus, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Pegasus Gaming Corp.'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.