Business
Australis Capital Reaches Settlement Agreement With Passport Technology and Announces Departure of Executive Chairman Scott Dowty
Australis Capital Reaches Settlement Agreement With Passport Technology and Announces Departure of Executive Chairman Scott Dowty.
About this update from Australis Capital Inc.
[{"type":"text","content":"\n\n\n\nAustralis Capital Reaches Settlement Agreement With Passport Technology and Announces Departure of Executive Chairman Scott Dowty\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAustralis Capital Reaches Settlement Agreement With Passport Technology and Announces Departure of Executive Chairman Scott Dowty\nPR Newswire\nLAS VEGAS, Sept. 3, 2020\n\n\n\nLAS VEGAS, Sept. 3, 2020 /PRNewswire/ - Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) (\"AUSA\" or the \"Company\") today announced it has reached a settlement agreement (the \"Settlement Agreement\") with Passport Technology Inc. (\"Passport\") in respect of the termination of the share purchase agreement (the \"Share Purchase Agreement\") pursuant to which the Company was to have acquired Passport.  The Company also announced the departure of Executive Chairman Scott Dowty.\n\n \n \n \n \n \n \n\n \nUnder the terms of the Settlement Agreement, all obligations and entitlements of the parties, including all claims of any kind relating to the Share Purchase Agreement or its termination are fully and finally settled.  AUSA  will retain all fees generated from its customers, which were partially shared with Passport, and these fees will remain solely within its subsidiary Cocoon Technology LLC (\"Cocoon\"), while Passport acquires the Company's full interest in Paytron, LLC. The license agreement between AUSA and Passport and its deliverables relating to Cocoon remains in place. No cash payments, including the break fee, will be exchanged resulting from the termination of the proposed acquisition.\nMr. Dowty has resigned from the Board of Directors and departed from his position as Executive Chairman. Under the mutually agreed terms of his departure, Mr. Dowty has agreed to forgo all cash severance and to surrender his unvested stock options. Mr. Dowty will retain his previously awarded Restricted Share Units and AUSA will issue 4.25 million common shares of the Company to him.  \n\"We are pleased to have reached an amicable settlement agreement with both Passport and Mr. Dowty,\" said Cleve ...