PTV Peertv

TIDMPTV

RNS Number : 9351Y

PeerTV PLC

05 January 2011

5 January 2011

PeerTV PLC

("PeerTV" or "the Company")

Israeli Chief Scientist approves NIS 1million (US$270,000) grant to PeerTV

PeerTV (AIM:PTV), the newly AIM quoted provider of technology solutions for the OTT (TV over the internet) market, announces the approval of a grant application. The Company has been informed by the Office of the Chief Scientist of the Israeli Ministry of Industry (the "Chief Scientist"),that its wholly owned subsidiary PeerTV Ltd has received approval of its grant application to the Chief Scientist. The application relates to the further development of hardware and software to enable the delivery of live channels and VOD over internet to televisions (the "Project").

The research committee of the Chief Scientist decided to approve the Project budget of NIS 3.2 million of which 30% will be funded by the Chief Scientist (approximately US$ 270,000).

Under the terms of this funding mechanism, royalties will be paid to the Chief Scientist from revenues generated from sales of the products which are developed within the framework of the Project. The Project commenced on March 1, 2010 and is planned for a period of 12 months.

PeerTV provides end to end hardware and software solutions for providers of Internet TV services delivered via broadband internet connections. The solutions allow the Company's clients to provide full scale internet based TV services at a fraction of the price of traditional broadcasting technologies.

Ronnie Jaegermann, PeerTV's CEO, commented:

We are very pleased to have received this grant notification. This grant will allow us to allocate more resources to and accelerate the development of new generations of hardware and software solutions to enable the delivery of live channels and VOD over internet to televisions for providers of Internet TV services delivered via broadband internet.

Further enquiries:

 
 PeerTV Plc                                     +(0) 972 9740 
  Ronnie Jaegermann                                      7315 
 
 Libertas Capital Corporate Finance Limited   +44 (0) 20 7569 
  Thilo Hoffmann/Andrew McLennan                         9690 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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