VALLEY STREAM, N.Y., Dec. 10, 2012 (GLOBE NEWSWIRE) -- Face Up Entertainment Group, Inc. (OTCBB:FUEG), a Reality Gaming Social Network company, today announced that it has received a Five Million Euro Irrevocable Standby Letter of Credit from U.S. Capital Funding II Series Trust I. U.S. Capital Funding II Series Trust I, is an institutional Trust with over $600 million in assets and is AA rated by S&P.
Under the terms of the SBLC which was issued to the company on November 26, 2012 and received physically this morning, the Company may issue invoices and Notes, which if not paid by the Company as agreed, will be paid by U.S. Capital Funding.
"This financing facility is a major advance for the Company and should allow us greater flexibility with our immediate financing needs. The facility represents over six million dollars when converted, and should allow us to better negotiate and close on debt financings and other credit facilities we may need. As we grow the Company and get ready for a full launch of our first product offering, non-wagering poker, we also continue to navigate the capital markets. The proper financing of our anticipated growth is always at the forefront of our thoughts and actions. Until we raise capital through the sale of securities, having this multimillion dollar financing facility at our disposal, is a major achievement and extremely comforting," stated Felix Elinson, the company's CEO.
The Company's game proprietary platform (www.FaceUpGaming.com) is being used in creating a vast global gaming network consisting of games from every region of the globe, supporting native languages as well as cross language functionality. Logical additions to the platform include global staples in gaming such as Backgammon, Poker, Chess and Checkers and many others. Face Up Gaming is a legal non-wagering online gaming platform (www.FaceUpGaming.com).
Face Up Entertainment Group, Inc is committed to responsible game-play and is not a gambling site. "Our goal is to maintain the thrill of online games while keeping it safe for everyone. "Our social networking functionality provides the user base with the ability to grow their circle of friends beyond those they physically reach day to day. Our users sit down to play a game and more often than not leave making a connection with a stranger which is then maintained via our social network functionalities," stated Mr. Elinson.
The Face Up Entertainment Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=14445
Matters discussed in this release may constitute forward-looking statements. The U.S. Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation.
Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words "believe," "hopeful," "anticipate," "major achievement," "major advance," "extremely comforting," "plan," "potential," "may," "should," "will make" and similar expressions identify forward-looking statements.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include our ability to identify and in-license and the ability to adequately fund such targeted acquisitions. Risks and uncertainties are further described in reports filed by Face Up Entertainment Group, Inc with the U.S. Securities and Exchange Commission.
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Source:Face Up Entertainment Group, Inc.