QualityStocks.net News – Pay88, Inc. Reports Increased Revenues of Nearly 300% – 3/3/08

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We would like to highlight Pay88, Inc. (OTCBB: PAYI). The company is committed to providing: 1) through its wholly owned subsidiary, Chongqing Qianbao Technology Ltd., prepaid cards and other consumer products through established distribution networks and online web presence, and 2) a safe, secure and easy-to-use mechanism for transferring money and making online purchases.

In the Company’s news today,

Pay88 Incorporated, a provider of prepaid digital cards focusing on online multiplayer games, announced financial results for the fourth quarter ending December 31, 2007. Revenues for the fourth quarter of fiscal ‘07 were approximately $4.25 million, up 297% from the previous quarter. The increase was driven by broad-based growth across the company’s range of products and services, and their carefully executed expansion into new targeted markets.

Pay88 still has plenty of room for growth. China, with more than 137 million active Internet users, has the second largest online user base in the world, second only to the United States. Over 31 million Chinese Internet users engage in some form of online video game play, and Pay88 has the rights to distribute prepaid gaming cards for over 600 different online games, in addition to the exclusive distribution rights in Chongqing with 8 different game providers for about 50 different games.

Pay88 Inc has already achieved 80% market penetration in Chongqing, China, with their prepaid online gaming cards being sold at 2,500 of the 3,000 Internet Cafes and retail kiosks in the region. In addition to physical locations, they also sell gaming cards online. With a simple click, an electronic funds transfer is made from the buyer’s bank account and converted into “online credits.” Pay88 is one of only 30 companies in the entire country to be granted a license from the Chinese Government for online withdraw of funds.

In the next 18 months, Pay88 plans to expand across all of China, riding on their massive success in Chongqing. Before the close of 2008, they hope to enter the gaming markets in an additional 20 cities. In addition to growing revenues and large plans of expansion, Pay88 is also developing and acquiring their own proprietary online games.

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