Phantom Fiber Signs Multi-Year Contract to Incorporate a Mobile Extension to Scientific Games Racing's Trackplay System

NEW YORK, NY -- (MARKET WIRE) -- Oct 21, 2008 -- Phantom Fiber Corporation (OTCBB: PHFB) today announced the signing of a multi-year contract with Scientific Games Racing, LLC to extend the functionality and services of Scientific Games Racing's proprietary Trackplay™ wagering system to the over 1,500 cellular phones, Blackberry, and PDA device types supported by the Phantom Fiber proprietary mobile platform.

Scientific Games Racing's Trackplay™ wagering system is a white-label technology solution which supports the acceptance of wagers on horse racing over the Internet and associated technologies, where permitted by law. The mobile functionality resulting from the integration will provide bettors with the ability to view race programs, place wagers, manage their accounts and view historical transactions. The mobile solution will also include capabilities to view live streaming video of events or search archived video footage of previously run races to be replayed directly on the handheld device.

Jeff Halloran, Chairman and CEO of Phantom Fiber Corporation, stated, "Phantom Fiber is excited about the opportunity this agreement with Scientific Games Racing brings to us as a corporation on a number of fronts. Being chosen by such a recognized organization truly validates our mobile framework; the solution designed will take advantage of a number of the key technical advantages we have over any competition from our rich multimedia content delivery methods to our high speed, end-to-end secure data transaction methods. We expect our solution to become the definitive statement within the pari-mutuel wagering industry and that Phantom Fiber technology is the clear, most reliable leader in this space."

About Phantom Fiber Corporation

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.
www.firstcapitalinvestors.com
321-221-2910
Email Contact