On June 7, 2007, HOP-ON Inc. announced that they have completed a 13 million Euro business financing venture for the Skye-Phone development with their French based affiliate, Mobile Gaming EU Ltd.
The previous agreement between HOP-ON and GBM led to Etisalat's decision last week to release the product with conditional patent approval.
The financial terms of the agreement, which was signed after the patent approval on Monday in Paris, states the infusion of finances required to widen the product development on Skye-Phone.
GBM's commitment as one of Dubai's top technology organizations cemented their patent license in non casino facilities while giving the necessary information for Mobile Gaming EU Ltd. to offer Casino Gaming on cellular phones, Wifi and PDA phones in countries in the European Union.
The first wave of financing efforts was made possible by Mr. Antonio Leone, the Director for New Development at the Banca Intesa SPA in Milan, Italy.
Intesa has been a main source of mobile gaming funding in Britain to foreign organizations and has a lot of experience in both patent and trademark guarantees.
GBM has exclusive rights to Skype-phone's EU patent in the Middle East predicting expected profits to push for funding approval in Gibraltar and the EEC.
The President of HOP-ON, Peter Michaels, said that the intellectual property value of HOP-ON gives them a good advantage in the overseas markets.
The financial agreement gives the Mobile Gaming EU Ltd. the money required to get the licenses abroad resulting in good profits for the shareholders of HOP-ON.
Etisalat's recent release of Skye-Phone secured the investment made by the GBM in the Middle East for patents to all gaming not related to mobile gambling.
June 19, 2007