LegalPCF Group
PCF Group Current Report No. 24/2023: Letter of Intent Signed for New Game Project
17 Jun 20231 pages~2 min full read
PCF Group has signed a non-binding letter of intent to develop 'Project Dolphin,' a new VR action and combat title, for a prominent U.S.-based entertainment entity.
The project operates under a work-for-hire model where the publisher retains full ownership of all intellectual property and rights in exchange for fixed remuneration.
The development budget for Project Dolphin is estimated between 16 million and 24 million USD.
The project is scheduled for completion by the end of 2025 and will target both current and future major VR hardware platforms.
The agreement is currently non-binding, with final execution contingent upon the successful conclusion of formal negotiations for a definitive development contract.
This collaboration represents a strategic effort by PCF Group to diversify its portfolio and secure external funding for high-fidelity production.
PCF Group S.A. has entered into a non-binding letter of intent with a prominent United States-based entertainment entity to develop a new virtual reality title under the code name Project Dolphin. This collaboration marks a strategic expansion into the VR action and combat genre, with the project slated for release on both current and future major virtual reality hardware platforms. The agreement outlines a work-for-hire development model, where the studio will execute the project on behalf of the publisher in exchange for fixed remuneration rather than retaining intellectual property rights.
The financial scope of the production is significant for the VR segment, with an estimated development budget ranging between 16 million and 24 million USD. Under the proposed terms, the publisher will retain full ownership of the intellectual property and all associated rights resulting from the development process. This partnership aligns with the studio’s broader strategy of diversifying its project portfolio while leveraging external funding for high-fidelity production.
The development timeline aims for completion by the end of 2025. While the letter of intent establishes the framework for the partnership and triggers formal negotiations for a definitive development agreement, it remains non-binding at this stage. The finalization of the contract is subject to successful negotiations, and the studio maintains a neutral outlook regarding the certainty of the final execution. This disclosure, issued in mid-2023, reflects the company's ongoing efforts to secure large-scale production contracts within the global gaming market.
