Based on the deal, the joint venture will market ProGaming's online gaming services in the South East Asian market, and Zenetek will obtain exclusive representation and distribution rights for the China, Taiwan, Hong Kong, Vietnam, Singapore and Indonesia markets.
Also, ProGaming’s puzzle game will be used by Zenetek to serve the online advertising industry by marketing multiplayer tournaments and drive traffic to designated web sites.
According to Zenetek CEO Robinson To, "This joint venture with ProGaming provides us with the platform to gain tremendous market share for our gaming platform for years to come and has great potential to increase revenues for both ProGaming and Zenetek.
“Based upon the increases we have seen in gaming and mobile gaming in the US and more 'Western' markets, the Asian cultures and their affinity for gaming will far surpass the US. In many ways, the Asian markets in our sector already have experienced significant increases and Zenetek is gaining market share at a rapid pace. Our joint venture with ProGaming Platforms will only accelerate that pace. "
It was added by his counterpart from ProGaming, Erez Zino: "We are very excited about our extraordinary opportunity working with Zenetek to capture a significant share of the fast-growing Southeast Asian gaming market. This opportunity comes at a strategic time for us to showcase the exciting, robust capabilities of our Platform, which can turn virtually any Web-based game into a lucrative, rewards-based competitive game of skill.
"With the explosive growth of Asian social networking platforms on the Internet, users are increasingly demanding quality online entertainment that is interactive, fun and challenging. ProGaming's new puzzle game answers that call and more.”
In related news, ProGaming closed another deal recently – this time it’s a share swap agreement with BioMedix Ltd. Regarding this deal, Zino specified that his company will exploit the funds raised to add personnel, fund additional joint venture projects and acquire technology resources.
"ProGaming is continuing its efforts to improve cash flow, which will also improve our financial condition and should result in share price appreciation. Our long-term plan includes seeking to upgrade our share listings to higher level exchanges including foreign listings in the future," he added.
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