Diversified Royalty Corp. Announces Amendment to AIR MILES® Licenses

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[{"type":"text","content":"Diversified Royalty Corp. Announces Amendment to AIR MILES® Licenses\nVANCOUVER, British Columbia, Jan. 26, 2026 (GLOBE NEWSWIRE) -- Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce that its wholly-owned subsidiary AM Royalties Limited Partnership (“AM LP”) has entered into an amendment agreement (the “Amendment”) with Air Miles Loyalty Inc. (“Air Miles”) and the Bank of Montreal (“BMO”) to amend the terms of the two license agreements pursuant to which the AIR MILES® trademarks and related intellectual property are licensed to Air Miles (collectively, the “Licenses”). The terms of Licenses have been amended to provide a 10-year, fixed annual royalty payment of $3,925,000, paid quarterly. The royalty will grow at a rate of 2.42% per annum commencing on February 1, 2027, and each February 1st thereafter during the term. The royalty payments are now guaranteed by BMO. AM LP will have the right to sell, license or otherwise monetize the AIR MILES® trademarks to any other party on or after February 1, 2032. Air Miles will have the right on or after February 1, 2032, to buy-out the remaining term of the Licenses and acquire the intellectual property related to the AIR MILES® Reward Program, but not the AIR MILES® trademarks, for a cash payment equal to the net present value of the remaining royalty payments at such time. As disclosed by BMO in its news release of today’s date, BMO is transitioning from the AIR MILES® Reward Program to a new loyalty program. Sean Morrison, CEO of DIV stated, “The Amendment is a superior economic outcome for DIV. Royalty payments from Air Miles have eroded steadily over many years (to a new low of $3.2 million in 2025) and, without the Amendment, would have been expected to continue to erode with the ongoing loss of sponsors. DIV will now be entitled to aggregate royalty payments of $3.925 million in the first year of the term and approximately $43.8 million of total royalty payments over the next 10 years, guaranteed by BMO. The Amendment increases the annual royalty payment by over 20% and turns DIV’s weakest performing royalty into among its strongest, on a risk adjusted basis. DIV and ...

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