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Mahjong Time Signs a Multi-Year Contract With Phantom Fiber Corporation to Create a Mobile Extension to Their Leading Online Mahjong Gaming Platform

(October 30, 2008)

SAN DIEGO, CA -- (Marketwire) -- 10/30/08 -- Mahjong Time, the leading software provider for the online mahjong gaming community, today announced a multi-year contract with Phantom Fiber Corporation (OTCBB: PHFB), a leading wireless transaction enablement company specializing in the gaming and entertainment sector. Under the terms of the deal, Phantom Fiber will receive an integration fee and will then share in the ongoing revenue generated from the mobile subscribers.

The integration will allow Mahjong Time to continue delivering the functionality, graphics and speed that users have come to expect from their industry leading software platform and internet offering to over 1,000 handset types. In addition to this, the mobile extension will also offer features that have established Mahjongtime.com as the number one online Mahjong community; these features include multiple game types, multiple languages, practice play, and tournament play. The mobile product will operate on hundreds of device types including Java phones, Apple iPhone, Blackberry, Palm, Microsoft Pocket/PC and Smartphone based handheld devices from anywhere in the world.

"We are quickly being recognized as the dominant mahjong provider in the online arena and we have a strong brand in the Asian market, but I think we all realize that the Asian market is a very mobile and technical savvy geographic area," said William Sutjiadi, CEO of Mahjong Time. "We knew it was a matter of time before we would have to provide a mobile solution. Choosing Phantom Fiber was easy. Their ability to provide the only mobile solution that works globally, their unprecedented support for handsets, and most of all their experience in mobile multi-user environments will ensure the success of this project."

Jeff Halloran, Chairman & CEO of Phantom Fiber, stated, "This agreement has a number of benefits for Phantom Fiber. We recognize the magnitude of the Asian market and their passion for Mahjong. Extending the premier Mahjong platform to a mobile environment will extend Phantom Fiber's reach into those markets. Our multi-user experience from the gaming space and our ability to support multiple languages also blends nicely with our technology. We have been talking with Mahjong Time for some time and have watched them grow in popularity and have some great successes. We are glad the time is right to work with Mahjong Time and share in those successes."


The solution will provide the game content in a number of formats. The player can play against the computer or fully interact with the online community. By using the same login credentials as the internet, a player can search for friends who may be playing online via the internet and join the same games and contests as any other internet player, only from their mobile device.

About Mahjong Time (www.mahjongtime.com)

Founded in 2004, Mahjong Time is a San Diego-based company that is the premier provider of mahjong software and complete turnkey solutions. The Mahjong Time in-browser platform is available in seven languages and provides multiple mahjong rules sets that appeal to the needs of discerning players worldwide. Offered features include advanced subscription and tournament play, and Web 2.0 capabilities that allow players greater connectivity including the ability to establish multiple "friend" networks and to create private game rooms.

Mahjong Time is the exclusive online tournament partner of the annual World Series of Mahjong. The company is also involved in a strategic partnership with Cryptologic, the leading public developer and supplier of Internet gaming software. For more information, visit www.mahjongtime.com.

About Phantom Fiber Corporation (www.phantomfiber.com)

Phantom Fiber Corporation is a leading developer of wireless platform software that enables its customers to deliver high-performance applications across global communications networks to mobile users. Their wireless platform extends the rich multimedia content and user experience of existing Internet web sites securely and instantly to over 1,500 mobile devices including cellular phones and PDAs. This platform is already deployed to most segments of the global gaming industry and can be used by enterprises seeking to implement high performance mobile applications in such markets as: remote video surveillance; banking and brokerage applications; as well as the logistics and distribution markets. For more information about Phantom Fiber, please visit our web site at www.phantomfiber.com

Forward-Looking Statements:

In this press release we make "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as "may," "will," "estimate," "intend," "continue," "believe," "expect," "anticipate," "could," "potential," "opportunity," or similar terminology. These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of future results or performance. Actual outcomes may differ materially from those projected in these statements due to a variety of risks and uncertainties and other factors, including, among other things: competition; material adverse changes in economic and industry conditions in our markets; technological change; retention and renewal of existing contracts; availability and adequacy of cash flow to satisfy obligations and indebtedness or future needs; protection of intellectual property; security and integrity of software and systems; laws and government regulation, including those relating to gaming licenses, permits and operations; seasonality; dependence on suppliers and manufacturers; factors associated with foreign operations; dependence on key personnel; failure to perform on contracts; resolution of pending or future litigation; labor matters; and stock price volatility. Additional information regarding risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated in forward-looking statements is included from time to time in our filings with the SEC, including our most recent Annual Report on Form 10-K. Forward-looking statements speak only as of the date they are made, and except for our ongoing obligations under the U.S. federal securities laws, we undertake no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

For further information, please contact:

Phantom Fiber Corporation

Investor Relations
First Capital Investors, Inc.
321-221-2910
Email Contact


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