Playcast Media Systems Ltd. has signed a commercial memorandum of understanding (MOU) with a large operator in Portugal, whose name it did not disclose. Playcast has developed a games-on-demand system for cable and IPTV operators, which enables them to provide games at a quality similar to PCs and game consoles, without the need to replace current subscribers' set-top-boxes or the network's infrastructure.
The MOU sets out the commercial terms and timetable for activation of Playcast's system on the Portuguese network, including a revenue sharing mechanism. Playcast will receive a few hundred thousand euro from the operator to finance installation of the system on its servers.
Playcast is in negotiations to install its system with other satellite and cable operators in Europe, the US, the Far East, and Israel.
Xenia Venture Capital Ltd. (TASE:XENA) owns 33.34% of Playcast, while C. Mer Industries Ltd. (TASE: CMER) and private investors own the rest. According to IVC, the company has raised $2.7 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010