LT Game inks agency agreement with PRC company

LT Game Limited, a subsidiary of Paradise Entertainment Limited, has secured an agency agreement with a Chinese company for the research and development of gaming equipment, according to a recent company filing.

The agreement was entered into as of February 12, 2018  – which allows the independent party “Shanghai Libiao” to research, develop and produce gaming equipment for LT Game’s onward sales.

Development and production of the gaming machines is expected to be completed before the end of 2020, after which a procurement transaction will occur with a maximum cash consideration of RMB 27.5 million (US$4.3 million), said the company.

LT Game is also set to pay a one-off agency fee of RMB100,000 in cash upon completion of the procurement transaction.