Following weeks of speculation, online gaming software provider and developer, Playtech, has finally revealed that Hong Kong-listed company, The Foundation Group Limited, will be supplying the peer-to-peer gaming software for Playtech’s Asian-facing online gaming operation in China.

Playtech, made the announcement about the deal with the Foundation Group only this week. It follows an earlier announcement made by Playtech about negotiations that were underway with an Asian-facing gaming business.  The Playtech compay said it was pleased to announce that it had signed a contract with Foundation Group.

The Foundation Group is a new venture and is listed in Hong Kong.  Its subsidiary has recently signed licensing agreements with the branch of the Communist Youth League that is responsible for implementing China’s “Green Internet Policy”.  Under this policy, the Communist Youth League will provide licensed play for cash prize peer-to-peer tournament games.  The games will be available via Internet cafes located throughout China.

At this time, Foundation Group’s plans are restricted because it is in the midst of a fund-raising campaign and is not releasing any information.  Playtech, however, reported that they would be giving an update about the 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 its type. 

Playtech’s chief executive officer, Avigur Zmora, said "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.”

Posted on: March 16, 2007

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