KOROR (Palau Horizon) — Palau has received $125,000 in partial payment for the Internet-based pachinko project initiated by Midtech.
Midtech Chairman Alan Seid presented the check to President Tommy Remengesau as first installment of payments scheduled to be completed in September.
Seid said the next payment amounting to $625,000 will be paid on or before Aug. 10.
He added that the full amount of $1.25 million for the venture will be paid this fiscal year.
Virtual pachinko is maintained and operated on a computer software program that simulates a pachinko game. It could be accessed through the Internet or other interactive computer service.
Seid said Midtech has already leased a T1 line from Palau National Communications Corp. and the servers are being sent to the country this month.
“The installation of the servers will be completed in June and the operations will begin in July this year,” Seid said.
He said palaunet users or anyone from Palau cannot access the game site.
Virtual pachinko is authorized by RPPL 5-45 which is authored by Del. William Ngiraikelau and then Dels. Elia Tulop and Hideo Tell.
“We are delighted that the vision is now blossoming. We are happy that the funds will support the Pension Plan, the PCC Endowment Fund, the Palau Scholarship Fund, the Health Trust and the general fund,” Remengesau said.
Seid said the project went through a lot before it could reach “this point when it would be finally operational.”
“We hope that this will be a long-term success for Palau in utilizing the new age of information technology,” he said.
