GamingPublic.com Initiates Coverage on Pegasus Gaming Corporation

Wednesday, December 7th, 2005

Online Gaming Software Provider Pegasus Given “Speculative Buy” Rating

Los Angeles, CA - GamingPublic.com, the center for investment information on internet gambling, is pleased to announce that it has initiated coverage on Pegasus Gaming Corporation (Pink Sheets PGGG) and issued a “Speculative Buy” rating.

Comments from the initial report include:

• Pegasus is coming out of a development phase into one of operations. Recent efforts have focused on business development and priming the software for launch.

• Pegasus has a number of licensees that are being readied for launch within the next 30 to 45 days.

• Pegasus is the only gaming software provider so far to offer a complete line of products, which includes Sports Betting, Online Casino, Multiplayer Poker, Horse Betting and Mobile Gaming.

A copy of the analysis may be found at www.GamingPublic.com

The online gambling industry is the fastest growing industry on the Internet and has experienced rapid growth since its establishment in the 1990s, yet remains relatively immature.

Although estimates as to the current size and growth rates of the global online gaming market vary considerably, GamingPublic.com estimates that global revenues from online gambling will reach USD$15 billion in 2006, up from USD$ 10 billion in 2005 and USD$ 7.0 billion last year.

GamingPublic.com

GamingPublic.com provides information on the internet gambling business (I-Gaming), investing and investment in publicly listed companies within the Industry. The Company presents analysis on a number of products including online poker, internet casinos, sportsbooks, lotteries, and pari-mutuel racing. GamingPublic.com also provides updated news and commentary on legal and financial aspects of the industry. GamingPublic.com is a wholly-owned subsidiary of Ocean Eclipse Holdings Inc.

http://www.gamingpublic.com

Pegasus Gaming Corp.

Pegasus Gaming Corporation (Pink Sheets PGGG) has developed an unique Internet Gaming platform. The platform, which includes Sports Betting, Online Casino, Multiplayer Poker, Horse Betting and Mobile Gaming, is being licensed to third party operators.

http://www.pegasusgaming.com

GamingPublic.com
Patrick Smyth
Analyst
email: info@gamingpublic.com
phone: 310.376.3489

AGORA Investor Relations
Rob Grace
Investor Relations
PGGG@Agoracom.com
888.696.1853