PTV Peertv

TIDMPTV

RNS Number : 2844I

PeerTV PLC

29 May 2014

29 May 2014

PeerTV PLC

("PeerTV" or the "Company")

New Customer and Appointment of Distributor for North America and Issue of Equity

New Customer and Appointment of Distributor

PeerTV (AIM:PTV), a provider of technology solutions for the OTT (TV over the internet) market and PCB (printed circuit board) production solutions, is pleased to announce that it has signed a Memorandum of Understanding with a US based company under which that Company will purchase PeerTV's Set Top Box to supply its own OTT network and distribute PeerTV products in North America and Ireland.

The US company plans to roll out OTT services in several countries over the next two years and PeerTV has become its exclusive Set Top Box supplier. In turn, PeerTV will grant the US company an exclusive distributorship in North America and Ireland, subject to the achievement of sales of at least $3 million over the first three years.

In addition, the US company is committing to purchase a minimum of 50,000 Set Top Box units within three years. The companies will be cooperating in product development and marketing.

PeerTV CEO Avi Vermus comments, "This agreement provides PeerTV with the opportunity to address major international markets with exciting opportunities for OTT. Our limited resources have restricted our ability to adequately market and support our products, particularly in North America. Now we will have direct access to these markets, working with a company that has ambitous plans and a commitment to extensive marketing "

The final agreement is to be completed within 90 days.

In the report "Worldwide Over the Top Subscription Video on Demand (OTT SVOD)", Multimedia Research Group expects the OTT SVOD market to record significant growth in the coming years, reaching nearly $8 billion on more than 120 million subscribers globally by 2017.

North America is the most developed market for OTT SVOD services with more than 25 OTT SVOD service providers. OTT SVOD subscriptions are estimated to have reached nearly 50 million. North America is followed by Western Europe which accounts for 11% of the worldwide OTT SVOD market with 7 million subscriptions and annual revenue of $575 million.

PeerTV was one of the first companies in the market to launch an Android based set top box bringing together the advantages of the Android operating system, apps and a quick and smooth user experience to enable TV or web viewing via a single unit.

The PeerTV package has been carefully designed to meet the unique needs of the OTT marketplace, delivering a flexible platform that can be customised both by the end user and by corporate buyers of the system. The Company expects its target customers to include ISPs, ethnic TV service providers, content providers, cable operator, mobile operators, the hospitality sector, hospitals and academic institutions.

Issue of Equity

The Company announces that further to the placing announcement on 28 May 2014 (the "Placing") the Company has now received a further GBP45,500 taking the total amount received pursuant to the Placing to GBP214,000. Following receipt of the GBP45,500, the Company has issued and allotted 4,550,000 new ordinary shares of 0.5 pence each ("Ordinary Shares") at a price of 1p per new Ordinary Share ("Placing Shares").

Consideration for the remaining GBP52,300 to be received under the Placing is expected to be remitted to the Company by 15 June 2014 with the resulting 5,230,000 new Ordinary Shares issued and allotted to investors once the funds are received.

Application has been made for the Placing Shares to be admitted to trading on AIM and admission is expected to occur at 8:00am on 3 June 2014 ("Admission").

Following Admission, the Company will have in issue 213,676,791 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of Ordinary Shares with voting rights in the Company will be 213,676,791. This figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company.

Further enquiries:

PeerTV Plc

Eitan Yanuv, Chairman

Tel: +972 974 07315

Daniel Stewart & Company

Antony Legge / David Coffman / Mark Treharne

Tel: +44 (0)20 7776 6550

This information is provided by RNS

The company news service from the London Stock Exchange

END

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