RE: Motive Television27 Aug 2014 08:14
[MTV]
Has today signed a Cooperation Agreement with Twin Peak S.A of Athens, Greece (Twin Peak) to develop and integrate Motive's patented and proprietary technology with Twin Peak's VoDo services for deployment in the global Maritime industry and for the nation of Greece.
The new combined platform will provide television channels and video-on-demand (VOD) movies and television content to the rapidly growing demand of tablets and other BYOD devices (bring-your-own-device) on commercial ships, private yachts, oil rigs, ferries, and cruise ships worldwide. It will have the advantage of serving, through a single Set-Top Box, the TV and multiple devices with a significantly lower cost than other solutions on the market.
The renewable 3-year Cooperation Agreement provides for mutual exclusivity for use of the combined technology in the worldwide Maritime and Greek territories. The Cooperation Agreement contains a tiered net revenue structure for Motive with a Minimum Guarantee in the first twelve months, subject to certain cumulative income benchmarks being achieved. Although there is no guarantee as to the full financial impact to Motive, the Company believes that the deal provides the potential for a significant uplift in the Company's revenues over the next years.
Since 2003 Twin Peak has provided satellite-based telecom services and broadcast infrastructure to the maritime industry and currently provides a VOD service for on-board, in-cabin viewing of film and TV content ("VoDo"), with various contacts and customers in the maritime industry.
Leonard M Fertig, CEO of Motive Television plc, commented, "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. We are delighted to be working with Twin Peak to take advantage of this significant opportunity."
Spilios Papayiannopoulos, President of Twin Peak S. A. added, "The opportunity to introduce a low-cost video-on-demand and complete television service targeting the rapidly-growing BYOD devices in the global Maritime sector is huge, with thousands of yachts, commercial ships, and cruise customers. The combination of Motive and Twin Peak technology will create a very strong competitive product for this very large market."