Business
LOI with YouneeqAI for IP Rights
LOI with YouneeqAI for IP Rights.
About this update from Rc365 Holding Plc
[{"type":"text","content":"\n\n14 August 2023\nRC365 Holding Plc\n(\"RC365\" or the \"Company\")\nLetter of Intent signed with YouneeqAI Technical Services Inc for IP Rights\nRC365 Holding Plc (\"RC365\"), a company focusing on payment gateway solutions and IT support, is pleased to announce that it has signed a non-binding Letter of Intent (\"LOI\") with YouneeqAI Technical Services Inc (\"YouneeqAI\"), a US company with an AI-driven cookieless personalisation platform that empowers online businesses to deliver personalised digital experiences and increase engagement and revenue. The LOI sets out the terms, subject to technical and legal due diligence, on which the Company will acquire the exclusive rights to YoouneeqAI's IP and Platform in the UK, with a right of first refusal to purchase additional territories.\nHighlights\n- YouneeqAI will provide the exclusive rights to its platform in the UK and a right of first refusal to purchase additional territories;\n- YouneeqAI will provide marketing materials, training and upkeep of the maintenance activities for the platform;\n- The consideration payable will be satisfied by the issue of 6,000,000 new ordinary shares in RC365, of which 3,000,000 new ordinary shares are to be issued on the signing of the acquisition agreement, with the remaining 3,000,000 new ordinary shares being issued on or around 29 February 2024;\n- YouneeqAI will be entitled to receive cash consideration equal to 1% of revenues (excluding VAT) generated from the use of the platform by RC365;\n- The Agreement, which is expected to be signed by the end of October 2023, shall be for a term of 10 years.\nThe Company has been increasing the scope of its Fintech services. As previously announced on 13 March 2023, it signed a White- Label Application Development Agreement with WCHING Technology Limited for the development of a mobile application product for use on Web, iOS and Android platforms. In addition, on 1 June 20023, it announced a memorandum of understanding agreement with Hatcher Group for AI development. This LOI, is a natural extension of this expansion of services. Younseeq, has more than a decade of experience in providing AI and Big Data Analytics support to different business and...