Major Software Company Makes Good In China Deal

The news has finally been released following speculation of several weeks. Playtech has developed a deal with the Asian market the Foundation Group Limited. The deal involves the supplying to China of peer to peer gaming software to be used within that country.

Playtech, which is a provider of turnkey operations and a developer of online games, has announced that as a follow-up to an earlier announcement, mentioning its ongoing negotiations with an unnamed Asian market directed online gaming business, it is happy to say that contracts have been signed with the Foundation Group Limited.

The concern, Foundation Ltd is listed on the Hong Kong stock exchange. It is a new startup venture that maintains a subsidiary that has recently signed a licensing agreement with CYL, the operations branch of the Communist Youth League. China’s new “Green Internet Policy” is under the responsibility of CYL for its implementation. The plan is to make available within China a proper licensing authority allowing licensed P2P tournament type games to be played for cash prizes. This is to be done through internet cafés located throughout China.

A fund raising drive is currently being carried out by Foundation Ltd. because of this additional details as to the plans of the company are temporarily being restricted at this point, according to a statement of disclosures by Playtech. Later this month, Playtech intends to provide further information regarding this new contract.
During the past quarter, Playtech has signed two contracts with agents of the Chinese market, this being one of them. It also represents the first contract of this type to include the entire country.
Playtech’s CEO, Avigur Zmora, is reported as saying that even though the Foundation Ltd is in its intentional stages of development, it has the potential for creating very exciting projects for Playtech and that the company is looking forward to a close working relationship with Foundation Ltd. so as to realize this potential.

Back to Online Gambling News - March 2007
Online Casino Latest News
Online Casino News Archive