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Korean Company Exporting Online Casino Game Software

24 July 2001

KOREA – July 24, 2001 –As reported by the Korea Times: "…Hoonnet is a software vendor and online game provider with unique, creative ideas and technologies that go beyond the expectations of its contemporaries.

"…The uniqueness of Hoonnet comes through in its two main business areas - software development and online casino games. Though Hoonnet has focused on developing Internet-based software and was successful in commercializing them over the past two years, Hoonnet has not seen any profits from its software business.

"…On the other hand, according to CEO Kim Beom-hoon, 42, its online casino game has been extremely profitable. Indeed, both Hoonnet's software development and online game businesses is one united entity, complementing each other.

"…HiGame is an adult-only cyber casino game and customers are only allowed to play with cyber money endowed by the company after customers subscribe to the gaming service by paying a monthly fee of 5,000 won. When customers win prizes or hit the jackpot, the company distributes the prizes in the form of sales vouchers or electronic cash to settle a customer's credit card bill.

"Notable features of this casino game is that unlike previous casino games, when users disconnect themselves from the Internet either intentionally or unintentionally, a robot, actually a program, with a form of artificial intelligence will substitute and finish the remainder of the game.

"Moreover, like real casinos, this website keeps a record of all game data to avoid trouble regarding the game procedure or cheating, not to mention a program that actually picks cards at random, not at simply high improbabilities, thereby disabling people from manipulating the software.

"According to Kim, Hoonnet posts sales of nearly 10 million won ($ 7,700) a day, and an average new daily subscription of 500 people.

"…However, due to its peculiar method of returning gambling prizes to customers with rewards that have real cash value, the service is expected to create a row in the industry for goading adult netizens into gambling.

"`All adult gaming sites charge their subscribers a monthly fee of between $3 and $5. But they do not return any of them to their customers. We are different. Our system of giving back nearly 70 percent of the subscription fees to our customers is fair and appropriate, even when viewed from the customer's standpoint,' Kim said, adding that the company already finished talks with its legal advisor regarding the matter.

"As Kim originally planned and developed HiGame to target overseas markets, Hoonnet is planning to form a joint venture overseas and to expand its network of punters. Even with the transnational and borderless aspects of the Internet,

"…Recognizing its advanced online casino game solution, many international companies from Japan and Southeast Asia are contacting the online gaming firm to establish local joint ventures or exports of its gaming solution…"

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