SILVERDALE, Wash., Oct. 14, 2008 (GLOBE NEWSWIRE) -- Castle Technologies, Inc. (Pink Sheets:CSTL) announced that the recent introduction of House Resolution 6870, the Payments System Protection Act of 2008, would have a profound positive effect on the Company's operations if the bill becomes a law. The bill was recently passed by the House Financial Services Committee and will be sent to Congress in the near future. There are currently more than 200 online poker Web sites in operation and more than 370,500 people gamble monetarily every day.
The Bill would prohibit the U.S. Treasury and Federal Reserve from proposing, prescribing or implementing any regulations under the Internet Gambling Enforcement Act of 2006 (UIGEA) apart from those relating to sports betting until the meaning of key definitions have been clarified, and an economic impact study is conducted on the costs associated with compliance. The online gambling business has been projected to reach $48 billion by 2010 and is expected to exceed $125 billion by 2015. The regulation of this multi-billion-dollar business would allow foreign and domestic internet gambling operators to legally accept online bets and in turn generate federal tax revenues ranging from $8.7 billion to $42.8 billion over the next ten years.
"While our main focus remains developing and marketing our software abroad, the approval of this resolution would open many doors for us in the United States. The bill would allow countless millions of American online gamblers to utilize our gaming software within the online poker sites," stated David Comeau, President and CEO of Castle Technologies, Inc.
About Castle Technologies, Inc.:
Castle Technologies is a software development and servicing company specializing in providing innovative Web-based gaming to the growing international online population. Its market focus is the multi-player poker enthusiast that has continued to spread internationally and grow at a phenomenal rate. The Company will license these products and services to offshore companies and receive royalties based on the usage of the systems and support in place.
Safe Harbor Act: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.