LONDON (Alliance News) - Motive Television PLC said Wednesday that it had signed a three-year cooperation agreement with Greece based Twin Peak SA to develop and integrate its technology into Twin Peak's VoDo video on demand services.
The VoDo services will be deployed on commercial ships, private yachts, oil rigs, ferries and cruise ships. The agreement includes mutual exclusivity for the use of the combined technology in the worldwide maritime and Greek territories.
The renewable agreement contains a tiered net revenue structure with a minimum guarantee in the first year, subject to certain benchmarks being achieved. It said that there was no guarantee of the full impact of the deal, but believes it has the potential for a "significant uplift" in its revenues over the next three years.
"The agreement with Twin Peak provides Motive with an opportunity to introduce our proven expertise and patented solutions for video-on-demand and tablet television to a new, very large and scalable market in cooperation with a successful and experienced operator in the maritime television business," said Chief Executive Leonard Fertig in a statement.
Shares in Motive Television were trading up 6.5% at 0.0181 pence Wednesday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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