Tangiamo Touch Technology AB (publ) has entered into a development agreement with Tech (Macau) Ltd, a subsidiary of the gaming equipment and casino service provider Paradise Entertainment, for the development of advanced dice gaming technology. The agreement encompasses the development of Dice Shaking Units (DSU) and Automatic Dice Recognition (ADR) software for integration into electronic gaming machines.
The development project has a total value of EUR 48,000 and will be executed in phases from December 2024 to April 2025. The payment structure includes an initial payment of EUR 24,000, followed by two additional payments of EUR 12,000 each upon reaching specific project milestones.
"This collaboration is a strong combination of gaming technology expertise and market presence, and it represents an important first step in re-establishing our presence in the Asian gaming market. We anticipate that the future commercial opportunities resulting from this project will significantly exceed the value of this agreement," says Chris Steele, CEO of Tangiamo Touch Technology AB.
The development project includes creating multiple DSU prototypes for different gaming formats, along with associated software integration. Under the agreement, Tangiamo will retain ownership of the software while the hardware design will transfer to Tech (Macau) Ltd after project completion. Upon successful completion of the development phase, the parties intend to enter into negotiations for a commercial agreement for ongoing supply and software licensing arrangements.
About Paradise Entertainment
Paradise Entertainment Limited (HKEx: 1180) engages in the development, sale and leasing of electronic gaming equipment and systems, as well as the provision of casino management services in Macau. Paradise is the inventor, patent owner and sole provider of live-multi game terminals and dominates the electronic table games market in Macau. The Group has also been developing slot machines. Apart from casino management business in Macau, Paradise envisions to become a global leader in gaming equipment. In addition, the Group also develops high-tech products including artificial intelligence related products in areas of education, sports and living, etc.
This disclosure contains information that Tangiamo Touch Technology AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 06-12-2024 11:57 CET.