Chimera Set to Enter Booming Wireless Gaming Industry; New Legislation Could Give Wireless Gaming Big Boost in US

LAS VEGAS, May 17, 2005 (BUSINESS WIRE) -- Chimera Technology Corp. (''Chimera'') (Pink Sheets: CNOC) (http://www.chimeratechnology.com), a developer / licensor / Turn-Key Solution Provider of online and wireless gaming platforms, is pleased to announce that the Mobile Gaming Platform is in the final stages of testing. The platform has been acquired to date, by 724Sportsbook.com and is scheduled to be launched in July 2005. The product will be offered to licensees as a value added option.

Chimera's wireless gaming platform will enable users to access an array of various games through their cellular phones and other wireless mobile devices such as PDA's. The platform will support real play as well as play for fun options.

Industry analyst Juniper Research, has forecast that the mobile gambling industry will reach US $16 billion in revenues by 2008. Market information suggests that currently there are more than 1.7 billion mobile phone users or more than 25% of the world population. Usage of mobile phones per capita continue to increase and in some countries it is suggested effective saturation levels of 80% has been reached. In other lesser technologically advanced countries the usage will continue to increase as product supply catches up with demand.

The Nevada Assembly recently unanimously approved Assembly Bill No.471, which authorizes the use of mobile gaming communication devices for gaming in public areas in Nevada casinos. The introduction of Bill No. 471, will have a significant impact on the future of wireless mobile gaming, in Nevada as the State would become the first State to give legislative approval to a system that provides licensed operators to offer wireless gaming products to the public sector. The Bill was sent to the Nevada Senate for action and now rests with the Senate Judiciary Committee from where on passing, it will be signed into law. On the other hand, the US justice department's current position is to continue to seek to ban media outlets and search engines such as Yahoo (Nasdaq: YHOO), Google (Nasdaq: GOOG), MSN operated by Microsoft (Nasdaq: MSFT), from running online gaming ads.

Chimera President Ken Chua stated, "We anticipated some time ago that the timing to enter the wireless mobile gaming sector was right and we are glad to see that recent developments have shown that we made the correct decision. If Bill No. 471 is approved, as expected, this will be a great milestone for this industry as it will add legitimacy and credibility." Mr. Chua went on to say, "With the launching of the wireless mobile gaming platform in July 2005, by two licensees signed to date, we encourage shareholders to try our beta games either on their cell phones / wireless PDA's and/or their personal computers. These are exciting times for Chimera and its shareholders."

Shareholders with cell phones capable of Internet access can access Chimera' mobile gaming platform to play for fun, by entering the following web address in their cell phone:

http://www.724wap.com, ID: viper, password: chimera

The majority of mobile cellular phones with Internet / WAP access, manufactured by Sony Ericsson (NYSE: SNE), Motorola (NYSE:MOT), Nokia (NYSE: NOK), Samsung, Sharp amongst other manufacturers will be able to access the mobile gaming platform.

This press release is available on the company's official online investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com and view the "Chimera Technology" Investor Discussion and Contact Forum. Alternatively, investors can e-mail AGORA Investor Relations directly at CNOC@Agoracom.com.

About Chimera Technology Corp. (http://www.chimeratechnology.com)

Chimera Technology Corp. is a Nevada-based i-Gaming software and e-commerce services company competing in the more than $6 billion annual online gaming marketplace, projected to be more than $10 billion by 2004, according to Computer Almanac Industry. The company is an international developer, licensor, and provider of online gaming products, including online bingo, casino, sports book, and pari-mutuel betting. Chimera Technology Corp. has successfully developed a supreme multiplayer online Internet bingo technology, a second-generation world-class pari-mutuel sports books wagering platform and a full line of online Internet casino games suite. In addition, the company has developed its state-of-the-art "BIRDS EYE" System, a complete back-office management system that operates the entire e-commerce transactions, gaming Web sites, accounting system and licensees' management/reporting platform that is second to none, giving Chimera an opportunity to establish a leadership position in this enormous market.

To obtain further information on Chimera Technology Corp., please visit Internet Web sites http://www.chimeratechnology.com
and http://www.724Bingo.com.

The above statements in regard to Chimera, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Chimera's beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to the parties as of such date. It is important to note that the actual outcome and the actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties, such as technological, legislative, corporate, financial and marketplace changes.

SOURCE: Chimera Technology Corp.

CONTACT: Chimera Technology Corp., Las Vegas
Ken Chua, 801-998-0005
Fax: 801-998-0005
or
AGORA Investor Relations
http://www.agoracom.com
CNOC@Agoracom.com

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