GoConnect signs terms for new JV

IPTV company GoConnect (ASX:GCN) and Melbourne-based Priority One Network Group have reached agreement on terms of an online transaction services JV

IPTV company GoConnect (ASX:GCN) has signed agreements covering terms of a new online transaction service platform joint venture.

GoConnect has arranged to form a JV with Melbourne-based Priority One Network Group, and had signed an MoU covering the tie-up late last month.

The 50/50 joint venture will seek to develop and commercialise a platform covering product advertising, purchasing and transaction services.

On Tuesday, GoConnect revealed that the partners had signed agreements covering details of their co-operation.

These include giving GoConnect the ability to incorporate a payment system powered by Priority One's debit card offering across its consumer-facing channels.

GoConnect and Priority One will also develop seven jointly-branded channels for its IPTV service, with content including business news and shopping, lifestyle and fashion programs.

Priority One is currently arranging to list on the ASX, and has engaged Sino Investment Services to help pursue the listing.

As part of the partnership, 15 per cent of the capital of a publicly-listed Priority One would be issued to GoConnect shareholders.

GCN shares grew 8.83 per cent in Tuesday's trading to $0.013.

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