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06/11/2007

Hop-on Raises Approximately $17.4 Million Venture Capital Financing

 

HOP-ON, INC. announced recently the Company completed a $17.4 million venture-based financing for Skye-phone development through their French-based subsidiary, Mobile Gaming EU Ltd. The previous contract between HOP-ON and GBM led to Etisalat's decision last week to deploy the product with conditional patent approval. The financial terms, signed after the patent approval in Paris, offer the infusion of capital required to expand product development of HOP-ON's Skye-phone. GBM's commitment as Dubai's technology pioneer solidified their patent license in non-casino venues while providing the necessary resources for Mobile Gaming EU Ltd. to pursue Casino Gaming on Cell/WiFi/PDA phones in the European Union.

The first round of financing was led by Mr. Antonio Leone, director of new development at Banca Intesa S.p.A., Milan, Italy. Intesa has provided mobile gaming financing in the UK to foreign entities and has vast experience in patent and trademark guarantees. GBM has exclusive use of Skye-phone's EU patent in the Middle East forecasting expected revenues to enable funding of approval in both Gibraltar and EEC.

Peter Michaels, president of HOP-ON, stated, “The intellectual property value HOP-ON developed gives us an advantage in these foreign markets. We are satisfied the final patent approval through the National Institute of Industrial Property (INPI) located in Paris, France presented this opportunity to GBM and benefits our company through local government approval processes.”

The financial terms provide Mobile Gaming EU Ltd. the capital required to proceed in obtaining licenses abroad resulting in lucrative revenues to HOP-ON shareholders. Etisalat's recent deployment of Skye-phone secured GBM's investment for the exclusive patent license in the Middle East for all gaming unrelated to gambling.

Mobile Gaming EU Ltd. primary shareholder, Mr. Paulo Carlucci, an Italian citizen residing in Dubai, first approached Michaels after researching his own similar idea through patent attorneys in France. The self made millionaire was determined to pioneer the IP race in his native Italy and became the driving force behind the deal with GBM. Mr. Carlucci will be directing all EU operations and has provided the opportunity for procurement of these agreements based on the Intellectual Property portfolio, stating: “Although Mr. Peter Michaels will not be involved in the gaming applications of the company's patent portfolio, I am confident this collaboration will provide security for the company's intellectual property rights in foreign markets. I look forward to presenting relevant details at the first EU board meeting July 27th at 10:00 am at the Lafayette Hotel in Paris.”

For more information, please visit www.hop-on.com