PTV Peertv

TIDMPTV

RNS Number : 2243T

PeerTV PLC

02 December 2011

02 December 2011

PeerTV PLC

("PeerTV" or "the Company")

Trading Update

PeerTV (AIM:PTV), a provider of technology solutions for the OTT (TV over the internet) market wishes to update the market on its current trading.

PTV Ltd.

-- The restart of the business has continued to be slow and there have were limited sales in October and November.

-- Combined with the need to work through legacy issues this has left the Company with a tighter than anticipated working capital position.

-- The development of the new Android based boxes has suffered a set-back as our major chip set provider announced in September 2011 that it would cease to provide support for its Android product. As such PeerTV decided to move to a different chip set and to develop a new Android set top box. This redirection will cost the company a delay of approximately six months and the new Android product will now be released in Q1 2012. The Company's management believes this will create a more robust and better priced product with enhanced market acceptance.

The Company's management team believes it has made progress on a number of fronts in addressing a number of issues including:

-- Obtaining more competitive prices from suppliers and transferring certain production in-house to improve margins;

-- Rebuilding its sales and marketing strategy and focussing on relations with certain key accounts; and

-- Redefining the product road map for its OTT solutions significantly lowering the cost of its existing set top box product family and in addition to achieve a better specified Android product.

Digitek S.M.

-- The overall profile of Digitek remains solid and sales have already passed last year's levels. However, the business began to experience some slowdown in the second half of 2011 compared to the first half of 2011, resulting from its customers' reduced order flows.

Chairman Leon Nahon Commented:

"We are disappointed that the restart of the business has taken longer than anticipated. We are particularly dissatisfied that we invested significant amounts of time and money into the development of an Android box based on the current chip design, based on assurances from the manufacturer of these chips that their current solution was Android compatible."

Further enquiries:

PeerTV Plc

Leon Nahon, Chairman +972 974 07315

Ofer Barda, CEO

Moshe Bartov, COO PeerTV Ltd

Libertas Capital Corporate Finance Limited

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

Rivington Street Corporate Finance Limited

Dru Edmonstone/ Jon Levinson +44 (0) 20 7562 3350

Bishopsgate Communications

Deepali Schneider/Natalie Quinn +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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