Brief: PCF Group Signs Letter Of Intent On Production Of VR Game

PCF SA

19/06/2023 06:52

June 19 (Reuters) - PCF Group SA  PCF1.WA :
    * SAID ON SATURDAY THAT IT HAS SIGNED A NON-BINDING LETTER
OF
INTENT WITH AN ENTITY FORM ENTERTAINMENT INDUSTRY BASED IN US
REGARDING SIGNING A DEVELOPMENT AGREEMENT ON COOPERATION IN
PRODUCTION OF VR GAME
    * THE GAME UNDER CODE NAME "DOLPHIN" WILL BE FROM VR
ACTION/COMBAT
GENRE
    * THE COMPANY DECIDED TO START NEGOTIATIONS ON SIGNING A
DEVELOPMENT AGREEMENT WITH THE PUBLISHER OR ITS UNIT
    * UNDER LETTER OF INTENT THE WORKS ON THE GAME WILL BE
CARRIED OUT
IN WORK-FOR HIRE MODEL
    * THE COMPANY ESTIMATES THAT PUBLISHER'S BUDGET FOR GAME
PRODUCTION, UNDER TOTAL BUDGET FOR WORKS, WILL AMOUNT TO $16-24
MILLION
    * THE GAME IS TO BE BASED ON INTELLECTUAL PROPERTY RIGHTS
BELONGING TO THE PUBLISHER AND, WITHIN THE LIMITS PROVIDED FOR
IN THE DEVELOPMENT AGREEMENT AND APPLICABLE LAW, ALL
INTELLECTUAL PROPERTY RIGHTS TO THE GAME ARE TO BELONG TO THE
PUBLISHER
    * LETTER OF INTENT PROVIDES FOR THE COMPLETION OF
DEVELOPMENT
WORKS IN 2025 AND THE RELEASE OF THE GAME FOR THE MOST
RECOGNIZABLE VIRTUAL REALITY PLATFORMS PRESENT AND FUTURE

        
 Source text for Eikon:  urn:newsml:reuters.com:*:nEMxs0Kga
 Further company coverage:  PCF1.WA  

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