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Peter Michaels, President and CEO of Hop-On, Inc. was quoted, "When President Clinton was in office, our licensed Internet Casino was one of the worlds largest by ABC News Nightline. We are now in a position of a Democratic override. The outcome is very hopeful that Barney Frank will get this law overturned. As a result, allowing us the platform to keep our online gambling here in the United States in combination with our Wagering software making it compatible for bettors to experience mobile gaming with state regulations and regulatory structure, it inevitably diminishes doubts in our consumers minds as to their protection. In addition, we still have the latest technology in combination with our Gaming software that allows us to be competitive in the high-end mobile phone and gaming industries."
In January of 2009 Hop-on, Inc. successfully launched their Casino Wagering Software at the Consumer Electronic Show in Las Vegas and as Peter Michaels, CEO of Hop-on, had announced, "We will be bringing mobile gaming to Europe where gaming is legal, secure and regulated. Those billions lost in market value can come back to even US companies licensing its technology."
In recent weeks, the legislation to alter the Internet gambling industry in the United States has been announce and will be introduced by Congressman Barney Frank today, May 4th. The US Representative, Barney Frank, is the chairman of the House of Representatives Financial Services Committee. The Legislation he is introducing would overturn the law imposed during the Bush administration which has directly hurt the US trade ties with the European Union.
At issue is the Unlawful Internet Gambling Enforcement Act, which Congress passed in 2006. The law aimed to curb online gambling by prohibiting financial institutions from accepting payments from credit cards, checks or electronic fund transfers to settle online wagers. However, the 2006 law didn't provide a clear definition of unlawful Internet gambling and instead referred to existing federal and state laws, which provoked differing interpretations.
Although a final copy of the proposed legislation has not been publicly released, Barney Frank is aggressively seeking to overturn the bill as he proposes ways to generate some of the $52 billion he predicts that the overturn could generate for the United States over the next 10 years. It has been estimated that half of the $16 billion Internet gambling industry, which is largely hosted on overseas sites, is estimated to be fueled by bettors in the United States.
For more information, visit http://www.Hop-on.com.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
CONTACT: Hop-on, Inc. Danny Coleman (949) 756-9008
SOURCE: Hop-on, Inc.
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