13th Jan 2015 11:24
LONDON (Alliance News) - PeerTV PLC said Tuesday it has signed a deal with Israel's Speech Modules Holdings Ltd to develop remote control units with automatic speech-recognition technology to be used in home entertainment systems.
The new products will be based on Speech Modules Holdings' existing automatic speech recognition technologies, PeerTV said. Automatic speech recognition technology will allow users to control their entertainment systems through spoken instructions, rather than through pressing buttons.
The first version of the product will include "advanced English language voice commands and search capabilities", PeerTV said.
Under the three-year exclusive deal Speech Modules Holdings will be responsible for developing and implementing the technology, and PeerTV will take responsibility for developing the final products, manufacturing and marketing. PeerTV will take on the costs of production and marketing, and Speech Modules Holdings will receive an agreed share of the profits from sales of the remotes.
The two companies have agreed to issue each other with new shares with a value of GBP200,000 under the deal. Speech Modules Holdings will issue PeerTV with 6.4 million shares in the company at a price of ILS0.187 per share, or a 9.5% interest in the company. PeerTV will issue Speech Modules Holdings with 8.9 million new shares at 2.25 pence each, representing a 9.57% interest in the company.
Shares in Peer TV are trading up 11.1% at 2.50 pence Tuesday morning.
PeerTV has also issued 8.9 million shares at 2.3631 pence to YA Global SPV Ltd as a fifth drawdown of GBP210,016 under their standard equity distribution agreement, 7 million new shares at 2.25 pence per share to subsidiaries PeerTV Ltd and SM Digitek Ltd as part payment of loans, and 520,195 shares at 2.025 pence to a holder of secured loan notes in one of its subsidiaries who opted to convert their loan notes.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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