LONDON, Nov. 9 /PRNewswire-FirstCall/ -- VEGA PROMOTIONAL SYSTEMS, INC. today restated the status of the acquisition of source code previously announced.
The Company previously announced on August 21, 2007, that it had completed the acquisition of the source code and due to reasons out of the control of the Company, the transaction did not close. The Company continues to work with the seller and anticipates the closing taking place before the end of the year.
When completed, this transaction allows VEGA to begin the development of massively multiplayer on line games. The Company plans to launch its own promotional network using the source code to develop a "learn to play poker with Bob the Butcher" series. This product will showcase Bob the Butcher teaching people all over the world the art of playing No Limit Texas Holdem.
Bob the Butcher is a well known U.K. professional poker personality. His presence is often requested at international events, charities, fundraisers, and on television. Utilizing software licensed from Vega, Butcher Poker, Ltd has announced the launch of its free rewards-based online poker site for US players. Butcher has created a completely free-to-play online poker room. The site features Fixed Limit, No Limit and Pot Limit Texas Holdem, with each player receiving $1,000 in play-money to start, which can be freely replenished at any time. Advertisers can place their messages on many areas of the site, such as on a player's hat, the felt, or brand items on the board such as soft drinks, and in play signs.
Michael Herron, CEO of Vega stated, "We hit a snag in completing the transaction and are working to resolve the remaining issues in order to close the transaction and move forward with our plans. We anticipate resolving the remaining issues within the next few weeks. This delay will not affect the other projects we are currently working on."
About Vega Promotional Systems, Inc.:
Vega Promotional Systems, Inc. is a marketing company that is seeking complimentary business opportunities that will allow it to increase its shareholder value. The Company's stock trades under the symbol VGPM on the pink sheets.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward- looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
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