[19 June 2009 – Hong Kong] An e-sport tournament and interactive digital entertainment company, C Y Foundation Group Limited (SEHK: 1182; “C Y Foundation” or the “Group”), announced today its 2008/09 annual results for the year ended 31 March 2009.

 

During the year under review, C Y Foundation has successfully transformed its core business to e-sport tournament and digital entertainment operations. Turnover for the financial year ended 31 March 2009 amounted to HK$57,046,000 (2007/08 HK$664,000 (restated)), while net loss amounted to HK$(198,683,000) (2007/08 HK$(40,883,000) (restated)). With its e-sport tournament and digital entertainment operation at its initial development stage, Kingbox (Asia) Limited acquired during the year under review was the Group’s main revenue contributor. Revenue contribution from the digital entertainment business is expected to increase with the launch of new products in the second half of 2009 and beyond.  

Mr. Theodore Cheng, Chairman of C Y Foundation, said: “I am pleased to see that the Group has successfully tapped into digital entertainment operations in different market segments. Over the past financial year, we have enriched our product portfolio through product acquisition and agreements sealed with several strategic partners to obtain the rights to distribute games in the China market via our proprietary online platform and extensive i-café network.”

 

C Y Foundation’s product portfolio has extended rapidly with the incorporation of casual games, arcade game and MMORPG game. The Group had also obtained the exclusive right to organize the finals of the IEF and CEG tournament in China. The 2008 IEF finals held in Wuhan last December were regarded as a great success, with over 150,000 visitors from countries and regions all over the world including China, Korea, Japan, France, Singapore and Hong Kong joining the events.

 

“Looking ahead, we will continue to strive to bring quality digital entertainment products and services to players in China. Key products in the pipeline include the MMORPG – Rohan, which is expected to be launched in the second half of 2009. Currently, there are over 40 million players in the online games market and the games population is growing by over 20% annually. We believe that the potential of China’s digital entertainment industry is enormous and the Group’s upcoming launch of products and services is expected to improve the Group’s revenue gradually in the future.”

 

C Y Foundation is an interactive digital entertainment company that provides quality entertainment across China. It is the only company dedicated to organizing and running P2P tournaments for prizes throughout the mainland. Its online entertainment platform operates across a network of "green" Internet cafés.

 

 

Issued by Porda International (Finance) PR Group for and on behalf of C Y Foundation Group Limited. For further information, please contact:

 

Ms. Harriet Lau                       (852) 3150 6761                      harriet.lau@pordafinance.com.hk

Ms. Helen Chung                    (852) 3150 7730                      helen.chung@pordafinance.com.hk

Ms. Alman Loong                    (852) 3150 6731                      alman.loong@pordafinance.com.hk

Ms. Jenny Yung                       (852) 3150 6735                      jenny.yung@pordafinance.com.hk

 

Fax: (852) 3150-6728