Business
Agreement signed with YouneeqAI for IP Rights
Agreement signed with YouneeqAI for IP Rights.
About this update from Rc365 Holding Plc
[{"type":"text","content":"\n\n1 September 2023\nRC365 Holding Plc\n(\"RC365\" or the \"Company\")\nAgreement signed with YouneeqAI Technical Services Inc for IP Rights\nRC365 Holding Plc (\"RC365\"), a company focusing on payment gateway solutions and IT support, refers to the announcement made on 14 August 2023 whereby the Company signed a non-legally binding Letter of Intent (\"LOI\") with YouneeqAI Technical Services Inc (\"YouneeqAI\") to acquire the exclusive rights to YoouneeqAI's IP and Platform in the UK.\nFurther to this LOI, the Company is pleased to announce that it has signed an Exclusive Rights Agreement (\"Agreement\") with YoouneeqAI's. Under this Agreement RC365 has the right to market, distribute and resell YoouneeqAI's Platform to customers on an exclusive basis within the UK with a right of first refusal to purchase additional territories. The consideration is to be satisfied by the issue of 6,000,000 new Ordinary Shares of which 3,000,000 have been issued on signing and the balance will be issued on or around 29 February 2024.\nIn addition to the consideration, it is agreed that the YouneeqAI shall receive 1% of any and all gross revenue (excluding VAT) generated from the use of the Platform by RC365. \nRC365 can use YouneeqAI's Trademarks in connection with its advertising, promotion and marketing of the Platform.\nTerms and Conditions\nThe Agreement shall be valid from 31 August 2023 and shall continue for a term of 10 years and shall then automatically renew for successive terms of 5 years unless terminated by either party upon service of written notice of termination to the other party, provided such notice of termination is served no less than one month prior to the end of the initial 10 year term or any subsequent 5 year renewal period.\nChi Kit Law (Michael), Executive Director and Chief Executive Officer, said:\n\"This transaction with YouneeqAI represents an important milestone for RC365, customers and shareholders alike. We previously announced our intention to enter into the A.I. space in a meaningful way that both complements our existing business, but also supports our future expansion and evolution plans, we feel this transaction represents a great first step in that direction.\nThe YouneeqAI team brings a wealth of experience in the both the A.I and technical fields and will be fully supportive in working with our...