Phantom Fiber to Partner with on Full-Service Mobile Solution

    TORONTO, Dec. 3 /CNW/ - Phantom Fiber Corporation (OTCBB: PHFB) announced
today that it is partnering with, the official advance-deposit
wagering service for Churchill Downs Incorporated (NASDAQ:   CHDN) and its
family of racetracks, to extend the functionality of the
wagering platform to mobile phones and PDA's.
    The mobile solution, which will be developed and implemented over the
next few months, will extend a full range of existing online functions,
including wagering transactions, racing news and alerts, race programs,
payment processing and live video streaming, to over 1,500 cellular phone
types, Blackberry, and PDA devices supported by the Phantom Fiber proprietary
mobile platform.
    Jeff Halloran, Chairman and CEO of Phantom Fiber Corporation stated,
"Phantom Fiber continues to concentrate on its core business, a
state-of-the-art mobile offering. Having been selected as the mobile partner
of choice by such a high-profile client as Churchill Downs validates that we
are on the right path. We are excited to partner with the premier brand in
horse racing on a project that will further enhance customers' wagering
experience by giving them increased flexibility."
    "Churchill Downs Incorporated is fully focused on growing its
account-wagering business and finding the right mobile technology partner is
key to offering our customers greater access to news and handicapping
information as well as greater convenience in their wagering transactions,"
said Vernon Niven, president of "The mobile platform offered
by Phantom Fiber is well suited to our needs, and we look forward to working
with the Phantom Fiber team in the coming weeks as we implement a full-service
mobile solution for our customers."

    About Phantom Fiber Corporation

    Phantom Fiber Corporation (OTCBB: PHFB) 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 PDA's. 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

    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:

For further information: Jeff Halloran, President & CEO, (416) 703-4007,

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