Nextplay forming strategic partnership with itap to position hotplay hyper-casual games and in-game advertising technology into the fast-growing indian market

Sunrise, fl, june 30, 2022 (globe newswire) -- via  newmediawire --  nextplay technologies, inc. (nasdaq: nxtp) (the “company”) announced that  hotplay , the company's in-game advertising (“iga”) unit, has entered into a memorandum of understanding (mou) with triplecom media pvt ltd. (itap), whose itap platform is a fast-growing comprehensive over-the-top (ott) entertainment platform in india, which sets forth general terms of a proposed partnership between the company and itap. the mou contemplates a collaboration between the parties, whereby each party will provide certain services and access to certain of their platforms to the other in order to enable each party to provide more comprehensive solutions to their respective customers and users. the parties intend to target india's fast growing online gaming market, where it is estimated approximately  390 million online gamers  reside, first, and to expand to additional international markets thereafter. the mou provides that the collaboration will include the integration of hotplay's iga into itap's existing entertainment and e-sports content, amongst other things. the collaboration is designed to create an entertainment ecosystem in-line with both organizations' business objectives, tapping into india's fast-growing market. the mou sets forth the preliminary agreement of the parties related to the proposed partnership; however, it does not obligate either party to proceed with the relationship, and the establishment of the partnership and final terms governing the partnership remain subject to execution of definitive agreements related thereto.
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