Fireswirl Licenses Software to Intelimax
August 26, 2008 – Vancouver, British Columbia - Fireswirl Technologies Inc. (TSXV:FSW), "the Company" announces that its wholly-owned subsidiary Fireswirl Systems Inc. ("FSI") has signed a three year license agreement (the "Software License") with Intelimax Media Inc. ("IMI") relating to FSI's gaming and entertainment software. The Software License granted to IMI entitles FSI to share in the revenue derived by IMI and any of its sub-licensees from the related uses of the software to an amount equal to 10% of IMI's gross revenues for the first 18 months, and 20% during the remainder of the term of the Software License to a cumulative maximum of $1,100,000. In addition, pursuant to the terms of the Software License, IMI shall purchase the underlying software upon the earlier of: 1) FSI receiving $1,100,000 from IMI under the Software License; and 2) IMI having completed a public listing and issuing FSI 1,500,000 common shares at a deemed value of $375,000 and the payment of any balance of $725,000 not previously paid to FSI pursuant to the Software License. In the event that IMI completes the purchase of the underlying software, FSI will retain a perpetual, worldwide, royalty-free license of the subject software. There is no assurance that IMI will complete the purchase of the underlying software as the pre-conditions to such sale may not be satisfied.
About Intelimax
Intelimax Media Inc. located in Vancouver, BC (www.intelimax.com) is an Internet service's company focusing on online advertising, publishing and search engine marketing. Using proprietary search and portal software, Intelimax has launched its' first website www.gamboozle.com, focusing on online games and service. Intelimax is in the process of releasing its' second website, www.climateseek.com, which follows a similar marketing format and is focusing on global warming and climate change. Through its' wholly owned subsidiary, Gamboozle Media Inc. Intelimax will add Fireswirl's existing play for free poker solution www.ChipsNChat.com to it's already comprehensive line of free products. By adding the Fireswirl poker system, Intelimax will have a complete and comprehensive product offering, catering to a lucrative and Internet savvy demographic of users, Gamboozle.com currently offers free sports pools, free fantasy sports, free online games, an industry specific search engine and a free raffle and prize system.
About Fireswirl
Fireswirl Technologies Inc. (TSXV: FSW) has been a developer of gaming and entertainment software since 1999. The Company's technology has broad applications for solutions requiring multiple payment interfaces, multi-currency and multi-language capabilities for either internet or wireless applications. With offices in Canada and China, the company is active in sales of mobile handsets and providing value added services for the telecommunications industry.
Further information can be found on the company at: www.fireswirl.com or contact:
Dale Peterson, President & CEO
T: 604.540-8805 Ext. 230
F: 604.677-6613
E: dpeterson@fireswirl.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. This news release contains certain forward-looking statements that reflect the current views and/or expectations of Fireswirl Technologies Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, foreign exchange fluctuations, general demand, competition and our ability to implement our business plans and strategies in a timely manner or at all. These risks, as well as others, could cause actual results and events to vary significantly. Fireswirl Technologies Inc. does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.