KongZhong (KZ) Enters 'World of Tanks' Licensing Agreement with WGN
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KongZhong Corporation (NASDAQ: KZ) announced that the Company and its affiliate, Beijing AirInbox Information Technologies Company Limited ("Kong Beijing" and, together with the Company, the "Kong Parties") have executed a letter agreement (the "Letter Agreement") Wargaming.net Limited ("WGN") on August 6, 2016.
In August 2010, Kong Beijing entered into a "World of Tanks" licensing agreement with Wargaming.Net LLP ("WGN LLP"), which granted Kong Beijing the exclusive right to copy, distribute, operate and sell the World of Tanks game in China. In May 2012, the Company entered into a strategic partnership agreement with WGN LLP, which granted the Company a right of first refusal to exclusive license to distribute and operate future WGN LLP games in China. In December 2015, WGN LLP assigned its rights and obligations under the WOT License Agreement to WGN.
The Letter Agreement provided that the Kong Parties shall waive the right of first refusal under the strategic partnership agreement and certain non-competition rights under the WOT License Agreement regarding WGN's mobile/windows 10 game titled "World of Tanks: Blitz" ("Blitz"), which has been distributed outside of China in 2014. The Kong Parties agree and acknowledge that WGN has exclusive rights to develop, advertise, distribute or sell Blitz in China with other parties. On the other hand, WGN acknowledges and agrees that the Kong Parties are free to develop, produce, release a third party shooting game titled "Iron Storm" in China.
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