Playtech today announced the signing of a contract with Foundation Group Limited (Foundation Ltd) to supply Peer to Peer (P2P) gaming software within China. According to an official statement made by Playtech, the contract is the first nationwide one of this nature.
Foundation Ltd is a Hong Kong listed company 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 prizes P2P tournament games via internet cafés situated throughout China.
"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." said Avigur Zmora, Chief Executive Officer of Playtech in a statement.
Due to a fund raising exercise currently undertaken by Foundation Ltd, further details cannot be released at this time. Playtech intends to give a further update regarding the contract sometime later this month.
The contract with Foundation Ltd is Playtech's second to supply the Chinese market. In January, the company announced it has entered into early stage negotiations with a pure Asian-facing gaming business regarding the award of a new licensing agreement.
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