WPT Enterprises, CyberArts Reach Agreement
LOS ANGELES, California – (PRESS RELEASE) -- WPT Enterprises, Inc. (Nasdaq: WPTE) today announced that it has reached an agreement with CyberArts -- a Silicon Valley company that has developed one of the world's most advanced online software solutions for poker -- to provide technology and software for re-launching WPTE's online gaming business.
"This relationship will make it possible for us get to market faster with a superior product," said Steve Lipscomb, founder and CEO of WPTE. "Now, like most companies that have been successful in the online gaming space, we will be able to build a unique offering and control our own destiny. We have been searching for a powerful alternative to our current technology for some time and are convinced that this is the perfect solution."
CyberArts, the designer of the software that currently powers the poker room for Mansion.com, has long been established as a pioneer in gaming technology. Building upon a ten-year history of developing and operating GamesGrid, the world's first graphical online backgammon club, CyberArts set out to build a ground-breaking platform to support the next generation of online gaming. The company has customized its unique platform for sophisticated marketers requiring strong branding capabilities, flexible and innovative functionality, and support for multiple languages and currencies.
Chris Derossi, co-founder and CEO of CyberArts explains, "We are very excited about the prospect of providing the product that can take the WORLD POKER TOUR(R)'S online poker offering to the next level. We believe our Foundation Software, coupled with WPT's innovation and commitment to the poker player will create an unmatched gaming site."
Derossi is known in the poker world as the co-author of "Winning at Internet Poker for Dummies," one of the popular titles from the " ... for Dummies" series. He has more than 20 years of leadership at top technology companies including Apple Computers, where he served as chief architect of OS 7 before starting CyberArts. The project will be managed by the company's co-founders Derossi and Ken Arnold.
The announcement of the CyberArts software agreement signals a new phase in the development of WPTE's online gaming business as the company takes control of its own online gaming operation. Since February, 2005, the World Poker Tour's online gaming business has operated pursuant to a licensing arrangement with WagerWorks, Inc. The CyberArts deal will enable WPTE to develop, manage, market and handle customer service for the online poker business from its own international headquarters. During the transition period from WagerWorks to its own software, WPTE will continue to work with WagerWorks and explore possibilities for future collaboration. Launch of the new version of the World Poker Tour's online poker site will be in 2007.
"This deal will finally allow us the opportunity to innovate the online gaming experience and deliver a product worthy of the World Poker Tour brand," concluded Lipscomb.
The WPT introduced poker to a worldwide audience through its innovative and riveting brand of televised poker, now seen in more than 150 countries and territories. Capturing all the excitement and sizzling poker action at its 17 Tour stops around the globe, the show sets the gold standard in poker programming. The WPT has been a major inspiration in a global poker phenomenon that has attracted millions of men and women to the game and legions of devoted followers to the poker lifestyle. The World Poker Tour airs on the Travel Channel, every Wednesday night at 9 p.m. ET/PT in the U.S. and on ITV4 in the U.K.