BARNSTEAD, N.H. and CHONGQING, China, Oct. 27, 2009 (PRNewswire-Asia-FirstCall) -- Pay88, Inc. (OTC Bulletin Board: PAYI) announced today that it has entered into a distribution agreement with Sohu.com Inc. (Nasdaq: SOHU). Through its subsidiary, Qianbao Technology, Pay88 will act as a distributor of SOHU digital products, with a particular focus on mobile phone games.
With more than 100 million users and 700 million site visits per day, Sohu.com Inc., is one of the leading internet media companies in China with revenues of over $429 million USD in 2008, 2.3 times that of .scal 2007. Sohu provides millions of Chinese consumers with information, communication and entertainment services through its matrix of websites and offers two types of consumer services -- online games (including the massively popular multi-player online role-playing games "Tian Long Ba Bu" and "Blade Online"), and wireless connectivity.
Pay88 is one of the few companies in China capable of facilitating online banking and is also the leading reseller of internet game time in China's booming $2.75 billion online video game market, selling online multiplayer game time and prepaid cards in more than 20 cities in China. The venture with Sohu takes the company mobile for the first time and company officials say the timing and the opportunity couldn't be better.
According to analysts at Niko Partners, China will be home to 119 million online gamers by 2012, propelling the market to $8.9 billion by 2013. And Forbes reports the online gaming community is growing by an average of 4 million new players each month. An alliance with Sohu positions Pay88 to dramatically expand their reach into this massive market.
Guo Fan, Chairman and President of Pay88, said, "Pay88's large customer base and payment platform makes this agreement with SOHU an exciting opportunity for both companies." He added, "As a result of this new relationship, Qianbao Technology will now be able to offer mobile games to the domestic market in China."
Company officials say forging this agreement with Sohu represents a powerful step forward in expanding their footprint throughout China.
