PLAYTECH DISCLOSES BIG ASIAN NEWS
9 March 2007
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.”
Online Casino News courtesy of InfoPowa
More news here.
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