Contract with Foundation Group is Limited to the Supply of Peer To Peer Gaming Software in China.

Playtech, 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 Hong Kong company 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 throughout China for cash prize P2P tournament games via internet cafés.

Foundation Ltd. is currently managing a fund raising exercise and further details of the company’s plans are restricted at this stage. Playtech intends giving a further update regarding this contract sometime later this month.

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

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.

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