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Cephas Provides Second Quarter Update

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^{Published in Business and Finance on Friday, May 21st 2010 at 5:40 GMT by Market Wire}  

PHOENIX, AZ--(Marketwire - May 21, 2010) - Cephas Holding Corp (PINKSHEETS: [ CEHC ]) today provided an update on recent activities.

SEC Filings: The company expects that it will file shortly both the 2009 10-K and the 10-Q for Q1 of 2010. The delay was caused by a mandatory change in accounting firms. Siberstein, Unger, PLLC has replaced Gruber and Company.

Fedor iPhone App: Cephas is testing a working version of Mobile Fedor now. The anticipated on-sale date is prior to his June 29 fight with Fabrico Werdum, which will be broadcast on the Showtime Network.

MMA talent: The company continues to negotiate with several other well known MMA personalities for iPhone applications. Cephas' stated goal is to be the leading developer and marketer of MMA applications.

Training MMA App: Preliminary content development of "Training with the Beast" is complete. UFC Hall of Famer, Dan Severn, outlines a training program for aspiring MMA fighters. Due to the growth of the UFC and various reality shows, the number of aspiring MMA fighters has increased significantly. On-sale date is planned for July.

Modeling Agency: The company intends to release additional details of its investment through its subsidiary in this new venture prior to May 31.

Management has been extremely pleased with the response to Metal News, its first music app. The app is advertiser supported. More newswire apps are being planned.

The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws and may be identified by words such as "anticipates," "believes," "expects," "intends," "plans," "potential," "projects," "will," or similar words but are not limited to, statements regarding the outlook for Cephas' future business and performance. Forward-looking statements are based on current beliefs of management and assumptions based on available information, which are subject to uncertainties and changes that can't be predicted. Results may vary materially from forward-looking statements. Other important factors are in the Annual Report on Form 10-K in the section "Risk Factors," as updated in the Company's Quarterly Reports on Form 10-Q and Cephas' other filings with the SEC. All forward-looking statements are qualified by these cautionary statements and apply only as of today. Cephas undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.