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Hank Payments Executes Binding MOU for Exclusive Canadian License, Appoints Strategic Executive
Toronto, Ontario--(Newsfile Corp. - November 10, 2022) - Hank Payments Corp.  (TSXV: HAN...
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[{"type":"text","content":"Hank Payments Executes Binding MOU for Exclusive Canadian License, Appoints Strategic ExecutiveToronto, Ontario--(Newsfile Corp. - November 10, 2022) - Hank Payments Corp. (TSXV: HANK) (\"Hank\" or the \"Company\"), is a North American leader in consumer Fintech Software-as-a-Service (SaaS) that provides a platform that manages consumer cash flow and budgets on an automated basis using proprietary algorithms. Hank is pleased to announce that it has signed a binding Memorandum of Understanding (\"MOU\") to enter into an exclusive negotiating period, to close a national license agreement for the use of the Hank technology platform in Canada, allowing the Company to enter a new country alongside a strong partner.Highlights:An initial term of five years, underpinned by minimum monthly licensing fees approaching material user counts over time and is commensurate with meaningful penetration of the Canadian market; Additional licensing fees to be paid monthly as user counts exceed minimums; Potential to lengthen the exclusivity beyond five years given subscribed consumers are expected to continue to use the platform beyond the initial term;A customization and integration period to allow the parties to integrate with existing and new channels/suppliers/platforms that the licensee will deliver, including banking and regulatory compliant platforms;Licensee has provided a deposit of $150,000 and will invest $250,000 into the next available financing offered by Hank at then current pricing;Up to $500,000 in R&D work to be provided by the Company for customization. Market rates for customization over and above hours consumed by the initial R&D credit amount;Hank will provide platform hosting, segmented in Canada, dedicated to the licensee with customary support and related service levels;Expected definitive signing of licensing agreement, no later than January 30, 2023.The Company also announces the appointment of Mr. John Cerny as Head of Strategic Partnerships and Chief Compliance Officer. Mr. Cerny has more than 30 years experience in the US banking sector, including roles as President, Chief Operating Officer and Chief Compliance Officer. He will be instrumental in supporting additional product ideation, innovation and regulatory compliant advancement of Hank products. His experience and network of strategic contacts in bank...