SOURCE: PRNewswire

Further to Playtech's ("Playtech" or "the Company") previous announcement with reference to early stage negotiations with a pure Asian-facing gaming business, the Company is pleased to announce today that it has signed a contract with Foundation Group Limited ("Foundation Ltd") to supply Peer to Peer (P2P) gaming software within China.

Foundation Ltd is a listed company in Hong Kong 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 for cash prizes P2P tournament games via internet cafes situated throughout China.

Foundation Ltd is currently undertaking a fund raising exercise.

Further details of the company's plans are therefore restricted at this stage. It is intended that Playtech will give a further update regarding this 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 this nature.

Avigur Zmora, Chief Executive Officer of Playtech, commented today:

"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."