NEWPORT BEACH, Calif., May 4, 2005 (PRIMEZONE) -- Wi-Fi TV Inc. (Pink Sheets:WFTV) announced today that its Board of Directors has approved forming a wholly owned subsidiary, Euro-Tainment, Inc., with the intent of delivering wireless online adult entertainment through multiple venues, and focusing initially on the European marketplace.
According to online industry publication X-Box, in an article dated March 25, 2005, "Regardless of who is providing the content, it's pretty clear that the next few years are going to be highly lucrative for producers of mobile content, especially in Europe and Asia. All told, however, analysts from the Yankee Group estimate that mobile porn will be at least a $1 billion global business by 2008, while Juniper Research says the numbers could go as high as $2.1 billion by 2009."(1)
Euro-Tainment intends to launch at least six websites, to be available in English, German, French, and Spanish language versions, by the end of May 2005. Euro-Tainment will utilize the same streaming video delivery, secure downloadable video delivery and secure online pay-per-view payment technology which has already been successfully implemented online by Wi-Fi TV, Inc. in other venues. Euro-Tainment will license content and technology through its parent (WFTV) for utilization on its multiple Web sites. Euro-Tainment will also be working on delivery of its particular licensed content to cellular phones and mobile computers with wi-fi connectivity, as well as fixed location computers.
Euro-Tainment Inc. also intends to launch a corporate home page within thirty days.
About Wi-Fi TV Inc.
Wi-Fi TV, Inc. (www.wi-fitv.com, www.cinemapop.com) has a history of innovation in online content delivery and plans to quantify the value of this unique experience, now that high-speed Internet delivery is becoming available to millions of consumers around the world. The Wi-Fi TV homepage (www.wi-fitv.com) currently features online video interviews regarding the latest in consumer electronics.
(1) Neither WFTV nor Euro-Tainment takes responsibility for these independent, third party projections, which are subject to numerous assumptions which may never come to pass.
Forward Looking Statements
Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.