17th May 2010 15:48
17 May 2010 iPoint-media PLC ("iPoint-media" or "the Company") Israeli Chief Scientist approvesUS$ 300k grant to iPoint-media Ltd
iPoint-media plc (AIM:IPNT), a leading provider of live, interactive video calling application platforms for web and 3G announces that it has been informed by the Office of the Chief Scientist of the Israeli Ministry of Industry (the "Chief Scientist"), that its wholly owned subsidiary iPoint-Media Ltd has received approval of its grant application to the Chief Scientist. The application relates to the development of the next generation of iPoint-media Ltd's video application platform and vertical applications (the "Project").
Subject to the provisions of the Israeli Encouragement of Industrial Research and Development Law - 1984 (the "Law"), the research committee of the Chief Scientist decided to approve the Project budget of NIS 2.7 million of which 40% will be funded by the Chief Scientist (approximately US$ 300,000).
Under the terms of the Law, royalties will be paid the Chief Scientist from revenues generated from sales of the new generation of products which are developed within the framework of the Project. The Project commenced in February 2010 and is planned for a period of one year.
Avi Sless, iPoint-media's CTO, commented:
We are very pleased to receive this notification as the committee has clearlyrecognised the potential value of the proposed project. This grant will allowus to allocate more resources to the development of our new generation ofleading products.Further enquiries:iPoint-media plc +(0) 972 544 450 667Muki Geller
Libertas Capital Corporate Finance Limited +44 (0) 20 7569 9690
Thilo Hoffmann/Andrew McLennan
vendorRelated Shares:
EVRH.L