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Overlay.tv has launched a testing version of its product placement ad service, NewTeeVee says. Through Overlay.tv’s interface, users can add graphics and designate certain areas of video as a clickable space to show product information. The company plans to work with 700 online retailers and split revenue for user-generated ad content. For more information, check out their Overlay.tv’s snazzy infomercial. -Sergio Ibarra