SMART GAMES INTERACTIVE, INC.
1612 NORTH OSCEOLA
CLEARWATER, FLORIDA 33755
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OTC BULLETIN BOARD SSCI
FOR IMMEDIATE RELEASE
SMART GAMES INTERACTIVE ANNOUNCES BUSINESS COMBINATION,
NAME CHANGE, SYMBOL CHANGE AND REVERSE SPLIT.
July 31, 2000
Smart Games Interactive, Inc. announced today that it has entered into a
business combination with Yifan, Inc. ("Yifan") of Flushing, New York. In
connection with the acquisition, the Company has changed its name to "Yifan
Communications, Inc." The Company's common stock will begin trading on the OTC
Bulletin Board this morning under its new symbol "YFNC." The Company said it has
also filed an amendment to its Certificate of Incorporation that will result in
a 1 for 40 reverse split effective September 30, 2000.
As a result of the business combination, the 32,500,000 shares of the
Company's $.0002 par value common stock ("Old Common") currently outstanding
will be consolidated into 812,500 shares of $.008 par value common stock ("New
Common"); the former stockholders of Yifan will receive 11,755,688 shares of New
Common; and certain financial consultants will receive 176,335 shares of New
Common. Taking all of the foregoing into account, there will be 12,744,523
shares of New Common issued and outstanding on September 30, 2000.
Sally A. Fonner, the Company's chief executive officer said "We have been
working very hard to reorganize the Company's affairs over the past few months
and are delighted to find a combination partner with the potential of Yifan.
Even so" she cautioned, "the net worth of the combined companies is less than
$500,000 and the fully diluted book value of the Old Common is less than $.001
per share after giving effect to the business combination transaction."
Yifan is a specialty Chinese Language Internet communications, e-commerce and
software development company that offers:
o online news, information, entertainment and community services to
ethnic Chinese in the United States and Asia;
o business to business ("B2B") and business to consumer ("B2C")
e-commerce software solutions for wholesale and retail enterprises
serving Chinese communities; and
o proprietary Chinese language Internet software solutions.
Yifan operates under four principal Internet domain names "yifan.com,"
"yifan.net," "yifannet.com" and "gotofind.com." Yifan presently serves
approximately 100,000 registered users and generates approximately 1 million
page impressions per day from its principal Internet portals. The majority of
Yifan's users are ethnic Chinese living in the U.S.
While rapid growth is to be expected in Internet related businesses, the
key feature that differentiates Yifan is that is has experienced substantial
growth with virtually no advertising or promotion. Where other Internet
companies have relied on advertising and promotion to attract a user base, Yifan
has relied exclusively on the features of a community that will be critical to
the Company's long-term success - word of mouth advertising, reliance on user
feedback and responsiveness to the needs of a carefully targeted audience.
In addition to its Internet portal operations, Yifan has developed several
proprietary software products including:
o Search Engine - provides the fastest Chinese language search of any
engine on the Internet;
o Web Crawler - uses both Simplified Chinese and Traditional Chinese to
search and categorize Chinese language web pages;
o Translation Utility - converts between Simplified Chinese and
Traditional Chinese characters on the fly while a page is downloading;
o Content Provider Shell ("CPS") - provides all of the core programming
modules needed by users who want to establish a wide variety of
Chinese language "content" sites;
o E-commerce Shell ("ECS") - provides all of the core programming
modules needed by users who want to establish a wide variety of B2B
and B2C e-commerce sites;
o Tollgate Utility - allows a user to download encrypted copies of
copyrighted books and other documents that can only be read on the
computer that downloaded the document, thereby protecting the
copyright owners;
o Distance Learning Products - facilitate the development of
Internet-based education programs for users of Chinese descent; and
o Chinese language chat room software.
Yifan also provides a variety of value-added business services designed to
enhance the Internet presence of its' clients, including store hosting and
management, and Web site tools and services. Yifan, Inc. is not engaged in the
business of building, maintaining or operating specific Web-sites on a contract
basis, because it believes such fee for service activities are not likely to
generate recurring revenues comparable to those experienced by Internet portals
and software developers. Instead, it is focusing its' efforts on its Internet
portal network and the software tools and business systems that will be
essential as the Internet becomes an important feature of the landscape in the
Peoples Republic of China and other Chinese speaking countries.
FOR ADDITIONAL INFORMATION, please contact Sally A. Fonner (727) 443-3434.