Asian coup for Playtech

[jetset]

PLAYTECH DISCLOSES BIG ASIAN NEWS


Contract signed with Foundation Group Limited to supply peer to peer gaming software within China.


After several weeks of speculation the news is finally out - Playtech's Asian-facing gaming deal is with Foundation Group Limited and will involve the supply of peer to peer gaming software within China.

In an announcement today the turnkey provider and games developer said that further to its previous announcement regarding early stage negotiations with a pure Asian-facing gaming business, Playtech is pleased to announce that it has signed a contract with Foundation Group Limited.

Foundation Ltd is a listed company in Hong Kong and is a new venture whose subsidiary has recently signed licensing agreements with an operating arm of the Communist Youth League (CYL). CYL is responsible for the implementation of China’s ‘Green Internet Policy” so as to provide duly licensed play for cash prize P2P tournament games via internet cafés situated throughout China.

Foundation Ltd is currently undertaking a fund raising exercise. Further details of the company’s plans are therefore restricted at this stage, Playtech discloses in the statement. It is intended that Playtech will give a further update regarding this contract sometime later this month.

This is the second contract that Playtech has signed to supply the Chinese market in the past three months and the first nationwide contract of this nature.

Avigur Zmora, Chief Executive Officer of Playtech, commented: "Although Foundation Ltd is in the very early stages of its development, its potential is very exciting for Playtech and we look forward to working closely with Foundation to develop this potential.”