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Freckle Enters into Definitive Agreement for Divesture of its Freckle Offline Attribution and Data Business to PlaceIQ
Freckle Enters into Definitive Agreement for Divesture of its Freckle Offline Attribution ...
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[{"type":"text","content":"\n\n\n\nFreckle Enters into Definitive Agreement for Divesture of its Freckle Offline Attribution and Data Business to PlaceIQ\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\n\nCanada NewsWire\nTORONTO, April 6, 2020\n\n\n\nThe Company will now focus on Killi™, a product that allows consumers to take back control of their data and be compensated directly for its use.  Freckle Ltd. to rebrand as Killi Inc. TORONTO, April 6, 2020 /CNW/ - Freckle Ltd. (the \"Company\") (TSXV: FRKL) is pleased to announce that on April 3, 2020 its wholly owned subsidiary Freckle IoT Ltd. (the \"Freckle IoT\") has entered into a definitive asset purchase agreement (the \"Agreement\") with PlaceIQ, Inc. (\"PlaceIQ\") for the sale of all of the assets (the \"Purchased Assets\") of Freckle IoT's offline attribution and data business (the \"Transaction\") for cash consideration of up to US$4,000,000 (the \"Purchase Price\"). No Killi™ assets are included in the Transaction.\nPursuant to the Agreement, the Purchase Price will be paid as follows:\nRevenue milestone payments: PlaceIQ will make certain milestone payments of up to US$900,000 based upon achievement of milestones related to revenue derived from the Purchased Assets during the one year period commencing on April 1, 2020 (the \"Milestone Payments\").Revenue sharing payments: PlaceIQ will pay, on a quarterly basis, for a period of two years commencing on April 1, 2020: (i) 30% of the revenue it derives from certain current customer accounts (acquired from Freckle IoT) in such calendar quarter and (ii) 3% of the revenue it derives from certain new customer accounts generated by employees transferred from Freckle IoT to PlaceIQ in connection with the Transaction (collectively, the \"Revenue Sharing Payments\"), to a maximum of US$4,000,000 less any Milestone Payments.In connection with the Transaction, Freckle IoT and PlaceIQ will enter into a transition services agreement, under which Freckle IoT will provide certain services to PlaceIQ for a minimum period of thirty days, subject to any extension, following the...