VALLEY STREAM, N.Y., Feb. 8, 2013 (GLOBE NEWSWIRE) -- Face Up Entertainment Group, Inc. (OTCBB:FUEG), a Reality Gaming Social Network company, today announced that it has begun Closed Beta testing of its Facebook integrated gaming software. Since announcing the release of Facebook Alpha in the end of Q3 of 2012, Face Up Entertainment Group has been hard at work, customizing their already popular user interface to be seamlessly integrated into the Facebook platform. "Through the diligent efforts of our analysts, developers, and quality assurance teams, we are ready to move into the Beta portion of testing and release. This version will allow us to bring on key users to help us test the product on Facebook. The Beta process also provides us with valuable feedback," sated Mr. Felix Elinson, the Company's CEO. "We anticipate this phase of testing and refinement to run for a period of between 60 and 90 days at which point we hope to move into a soft launch period," added Mr. Elinson. "The ultimate launch of our offerings on Facebook may require approval which we will seek at the appropriate time." The Company's ultimate goal is for the 1 billion Facebook users around the world to be able to play our legal poker offering, and many other tournament style games on the drawing board, online, through their Facebook Page. According to Forbes ( http://www.forbes.com/sites/afontevecchia/2012/12/06/can-online-poker-save-zynga-417b-global-gambling-market-throws-pincus-a-risky-lifeline/): "The potential for online poker and other casino games in the U.S. is enormous. The global gambling industry's total gross win (a measure of how much money gambling companies make, and their customers lose) is expected to grow 5.6% to $417 billion this year, according to intelligence firm H2 Gambling Capital. 8.1%, or $33.8 billion, will come through interactive, or online, channels, and that is expected to grow to just under 10% by 2015. If the leading 12 U.S. states were to introduce permissive regulation, their share of the market, currently at 8%, could rise to 28% in five years, unlocking incredible value, H2 noted." The Company's game proprietary platform ( www.FaceUpGaming.com) is being used in creating a vast global gaming network consisting of games from every region of the globe, supporting native languages as well as cross language functionality. Logical additions to the platform include global staples in gaming such as Backgammon, Poker, Chess and Checkers and many others. Face Up Gaming is a legal non-wagering online gaming platform ( www.FaceUpGaming.com). Face Up Entertainment Group, Inc is committed to responsible game-play and is not a gambling site. "Our goal is to maintain the thrill of online games while keeping it safe for everyone. Our social networking functionality provides the user base with the ability to grow their circle of friends beyond those they physically reach day to day. Our users sit down to play a game and more often than not leave making a connection with a stranger which is then maintained via our social network functionalities," stated Mr. Elinson. The Face Up Entertainment Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=14445 Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements. The U.S. Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation.Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words "believe," "hopeful," "anticipate," "diligent efforts," achievement," "may," "seek," "plan," "potential," "may," "should," "will make" and similar expressions identify forward-looking statements. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to identify and in-license and the ability to adequately fund such targeted acquisitions. Risks and uncertainties are further described in reports filed by Face Up Entertainment Group, Inc. with the U.S. Securities and Exchange Commission.
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