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PCG Entertainment updates on China developments

The AIM-listed media distribution company said it is currently in discussions with a third party to utilise its media licence for the broadcast of certain sporting events over the internet in China
The group also noted the legalisation of horse race betting in Hainan province

PCG Entertainment Plc (LON:PCGE) has provided an update on progress in its media, gambling and environmental technologies focuses in the Chinese market.

The AIM-listed media distribution company said since reaching a settlement with its former CEO in January, it had moved forward and is currently in discussions with a third party to utilise its media licence for the broadcast of certain sporting events over the internet in China.

READ: PCG Entertainment raises £675,000 through placing, subscription to accelerate business strategy

The group also noted the legalisation of horse race betting in Hainan province, announced on April 14, and that it was exploring opportunities which may result from the move.

In environmental technologies, PCGE said it is in discussions with Dubai based Cavitation Solutions Ltd to distribute their cavitation technology in China as well as elsewhere in Asia.

The company added that any agreement to distribute the technology, who’s applications include water desalination, would be subject to the outcome of test results over the next few months.

PCGE also said it is in discussions with ChainZy PLC, a platform which uses distributed smart ledger technology (sometimes known as blockchain).

The discussions focus around the possibility of ChainZy using PCGE's infrastructure in Asia to distribute its technology in the region and may involve PCGE making a pre-IPO investment in ChainZy.

The group added that all these possible transactions would utilise its current Chinese operating structure.

The update follows a share placing in January, which saw the group raise £675,000 to accelerate its business strategy.

Richard Poulden, chairman of PCGE, said: "In addition to the above initiatives we remain determined to maintain and increase the liquidity of PCGE shares for our shareholders. The NEX dual listing is part of this initiative but we are examining other areas which we may implement in future".

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