PTV Peertv

TIDMPTV

RNS Number : 5083G

PeerTV PLC

12 May 2011

12 May 2010

PeerTV PLC

("PeerTV" or "Company")

Update on merger discussions and securing of bridge financing

PeerTV (AIM:PTV) wishes to update the market regarding potential merger discussions as well as the securing of a bridge financing.

The Company has reached agreement in principal with DigiTek Holdings Ltd., an Israeli electronics contract manufacturer and outsourcing specialist, to acquire this company in a share exchange transaction. A merger of the two businesses is expected to produce significant operational benefits to PeerTV in logistics, quality control and production management. DigiTek S.M., the operating subsidiary of DigiTek Holdings Ltd., was established in 1993 and has a wide range of electronics, defense and telecommunications industry customers. It is mainly active in the production and assembly of printed circuit boards, which form the core of most electronics products, including PeerTV's set top boxes.

The merger would constitute a reverse takeover under the AIM Rules and will require shareholder approval. A readmission document as required by the AIM Rules is being prepared at this time. The proposed transaction would also be subject to a successful tender offer in Israel.

The Company also wishes to announce that it has agreed to a bridge financing which will provide it with approximately GBP400,000 to strengthen its working capital. An additional financing is expected to be arranged at the time of the merger of the two companies to permit working capital and growth financing needs to be met.

Further enquiries:

PeerTV Plc

Leon Nahon, Chairman +972 974 07315

Ofer Barda, CEO

Libertas Capital Corporate Finance Limited

Thilo Hoffmann/Andrew McLennan +44 (0) 20 7569 9650

Rivington Street Corporate Finance

Eran Zucker +44 (0) 20 7562 3350

This information is provided by RNS

The company news service from the London Stock Exchange

END

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