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Chimera Enters Chinese Market

17 Mar 2005

LAS VEGAS – (PRESS RELEASE) -- Chimera Technology Corp. ("Chimera") (Pink Sheets: CNOC) is pleased to announce that its latest initiative, www.724Pay.com, will facilitate Chimera's access to over 80% of the Chinese population.

Chimera recently began the implementation of 724Pay.com, a payment gateway wholly owned and operated by Chimera, which will service all Chimera's current and future licensees. It is anticipated that the payment gateway will be going live within the next 30 days.

This is a very significant milestone for Chimera and its licensees, as it will provide them access to one of the largest gaming markets in the world. Currently, China is home to more than 1.5 billion people, many of whom are avid gamblers. In the past, accepting funds from the Chinese population has proven to be very difficult, and as a result, the full market potential of China has never been tapped.

Statistics indicate that 80% of the Chinese population possesses some form of debit card issued by local banks. Chimera's payment gateway will gain access to this market through 724Pay's e-wallet system. This will allow individuals to fund their account online in local currency by simply using their debit cards and without having to visit the bank or conduct a bank wire. Funds are immediately available in gaming accounts with any of Chimera's licensees. All debit cards issued by the 20 banks in China are currently accepted by Chimera's 724Pay.

One of the major advantages of fund transfers through debit cards for Chimera licensees will be the elimination of credit card chargebacks, thereby further minimizing risks to licensees.

Elsewhere in the online gaming industry, the rapid growth of the industry has drawn the interest of yet another form of gambler on the London Stock Exchange.

PartyGaming, which owns PartyPoker.com, is considering a public offering expected to value the company at 3 billion to 5 billion pounds ($5.7 billion to $9.6 billion) in what would be London's largest listing since 2001. NETeller Plc (LSE: NLR.L: Quote, Profile, Research), which handles money transfers for the industry, has seen its stock price more than triple to 622 pence ($11.87) since it went public last April, while Sportingbet.com Plc (LSE: SBT.L: Quote, Profile, Research) saw its stock price shoot up more than 50 percent last October when it announced plans to buy No. 3 poker site Paradise Poker for $300 million.

But while England and other countries increasingly welcome online gambling, the U.S. Justice Department says a 1961 law that forbids interstate telephone betting also applies to the Internet.

Congress has since 1997 failed to specifically outlaw online gambling amid a thicket of competing interests.

Under pressure from the Justice Department, services like VISA and PayPal have blocked payments to gambling sites, while media outlets and search engines like Yahoo (Nasdaq: YHOO), Google (Nasdaq: GOOG), MSN operated by Microsoft (Nasdaq: MSFT) have refused to run their ads.

But the U.S. residents who account for more than half of all online poker players face no penalties if they gamble online.

Analysts say the United States will eventually accept the industry.

"Somebody in Washington is going to say, 'Hey guys, we're losing a fortune by not taxing this,'" said Joseph Kelly, a professor of business law at Buffalo State University, who has helped other countries draft online gambling rules.

Sebastian Sinclair of Christiansen Capital Advisors said the United States will gradually legalize the industry after realizing that attempts to stop it are fruitless. Nevada and the U.S. Virgin Islands have already legalized online gambling for casinos and residents within their borders, and a similar bill is advancing rapidly through the North Dakota legislature.

Several U.S. courts have ruled that the 1961 Wire Act only applies to sports betting and not other forms of Internet gambling, while the World Trade Organization ruled last year that the ban on Internet gambling violates international trade agreements, a decision the United States has appealed.

With Cryptologic (NASD: CRYP), World Gaming (OTCBB: WGMGY) and Angel City (OTCBB: AGCI) also making huge headway on this side of the Atlantic, there is no doubt the online gaming industry will be the fruit of the investment marketplace for the years to come.

Chimera President Ken Chua stated, "This is a very significant accomplishment for Chimera and its licensees. We have received a tremendous amount of inquiries about a reliable payment gateway catering to the Chinese market and now we have one." Chua further added, "The Chinese government has recently cracked down on illegal gambling which has resulted in most operations without a proper gambling license being shut down. With the anticipated launch of our mobile gaming platform in the next 30-60 days, cellular phones manufactured by Motorola (NYSE: MOT), Nokia (NYSE: NOK) Research in Motion (Nasdaq: RIMM), Sony Ericsson (NYSE: SNE) (Nasdaq: ERICY) among others, will be able to access our gaming platform via mobile Internet, this will undoubtedly result in even greater opportunities for Chimera's licensees."

 
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