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WirelessDevNet.com Press Release
Gate To Wire Solutions Engages Function Mobile to Develop SMS Platform
Toronto, Ontario - Gate To Wire Solutions, Inc. (OTCBB:GWIR) ("Gate To Wire") announced today that it has entered into a development agreement with Function Mobile, Inc. ("FMI") for an interactive Short-Message-Service ("SMS") platform targeting horseracing and pari-mutuel wagering markets in Latin America.
According to the agreement, FMI will exclusively develop a comprehensive suite of SMS wagering products and horseracing-based games on behalf of, and in conjunction with Gate To Wire, who in turn will own outright all intellectual property rights to the products, promotions and services developed.
Once developed, Gate To Wire will implement the wagering SMS platform in appropriate Latin American locations, providing interface and interconnectivity to a tote system and wagering hub so that the wagers can be processed in accordance with all appropriate laws and regulations.
"Gate To Wire focuses on how to get wagering and pari-mutuel product to the people who want them," said Ted Boyle, President of Gate To Wire, today. "Text messaging continues to grow worldwide, but its growth is particularly strong in Latin America and provides an excellent platform for our pari-mutuel products. We are very excited about our new relationship with Function Mobile," he continued. "Not only are they developing great technology for us, but they also have key telecom relationships that are central to getting our wagering applications and games out there."
"We provide mobile media solutions, and have extensive experience in Latin America," said Marc Askenasi, President of FMI. "And regardless of how widely adopted other mobile technologies appear to be, all our research indicates that SMS will remain the most dominant mobile messaging format for most of the next decade. Some analysts predict that SMS will become a $100 billion business by 2010, and worldwide total traffic will reach almost 5 trillion messages by 2011. It's a great business to be in, and it's the ideal delivery method for Gate To Wire's pari-mutuel services. I'm looking forward to working with Ted and his team."
Also according to the agreement, FMI will provide Gate To Wire with continued technical support and ongoing services as required for operation of the its interactive SMS platform. For promotion and distribution, FMI has committed to enter into agreements with local telecommunications companies to provide SMS interconnectivity for the operation, as well as marketing and promotion of the Gate To Wire interactive SMS platform. Revenue collection will occur via telecom billing.
Gate To Wire will pay an as yet to be determined development fee for each game developed through this agreement based on an agreed upon scope of work, in addition to an ongoing service fee of 10% of net revenues generated through the platform for ongoing service and support.
Gate To Wire Solutions, Inc. is a pari-mutuel wagering solutions provider to international horseracing and pari-mutuel wagering organizations. For more information, please visit www.g2wsolutions.com.
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