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Guys,

Just FYI, we are fully functional in Peru. Our advertising partnership with Grupo La Republica (2nd largest media company in Peru) is yielding great results for us. We are actually beating our projections in Peru at this point, so we are pretty fired up about how its going.

Yesterday, we were approved by the Uruguayan Gaming Commission (UGC) for entry into that market, effective immediately. Like Peru, we are going to sign a Cooperation Agreement with the UGC to open our books and code so they can better understand how to regulate online gaming. It is a great biz model because it allows us to enter markets in near-monopoly conditions for the first 12-24 months AND help the local regulators set a high regulatory bar thereafter. It will work especially well in jurisdictions where there are no current regulations or it is currently illegal. Online gaming, if regulated properly, can be a significant tax source for fed and local governments, not to mention that its also a job creator.

Anyway, lets catch up soon on the markets we have all discussed. It is time to roll on this stuff.

Talk to you guys soon.

Coop