Business
Alpha Modus Announces Intellectual Property License Agreement with Xalles Holdings and its Subsidiary CashXAI
Alpha Modus Announces Intellectual Property License Agreement with Xalles Holdings and its Subsidiary CashXAI.
About this update from Xalles Holdings Inc.
[{"type":"text","content":"\n CORNELIUS, N.C., April 16, 2024 (GLOBE NEWSWIRE) -- Alpha Modus, Corp. (“Alpha Modus”), a technology company with a core focus on artificial intelligence in retail, today announced it has entered into an intellectual property license agreement with Xalles Holdings Inc. (OTC: XALL) (“Xalles”), a holding company focused on innovative technology and financial service solutions, and its wholly owned subsidiary CashXAI Inc. (“CashX”). CashX, through its proprietary self-service kiosks and mobile application, allows the unbanked and underbanked communities access to financial services, including digital currency. The license agreement licenses to Xalles and its subsidiary, CashX, the exclusive right to use all of Alpha Modus’ patented intellectual property in connection with CashX’s promotional, advertising, and operational functions, including co-development arrangements with Alpha Modus, within the Exclusive Industry. The “Exclusive Industry” means the industry relating to self-service kiosks located in retail food, drug and convenience stores for the purpose of serving Unbanked and Underbanked consumers, by offering banking, phone and insurance solutions to the consumer. An “Unbanked” consumer means a person that does not have a checking or savings account with an FDIC-insured institution, and an “Underbanked” consumer means a person that has or had a checking or savings account with an FDIC-insured institution, but regularly uses non-traditional banks such as Venmo or the Cash App, or lenders such as a check cashing company or payday lender. About Alpha Modus Alpha Modus engages in creating, developing and licensing data-driven technologies to enhance consumers’ in-store digital experience at the point of decision. The company was founded in 2014 and is headquartered in Cornelius, North Carolina. For additional information, please visit alphamodus.com. Effective as of October 13, 2023, Alpha Modus entered into a business combination agreement (the “BCA”) with Insight Acquisition Corp. (“Insight”), pursuant to which Alpha Modus would be acquired by Insight (the “Business Combination”). The closing of the proposed Business Combination is subject to a number of conditions, as set out in the BCA, including b...