VANCOUVER, March 7 /CNW/ - OneMove Technologies Inc. ("OneMove" or the "Company") (TSX-V: OM), a leading web-based real estate transaction platform, today announced that it has completed the previously announced sale of its U.K. subsidiary, OneMove Limited, to Neil Patel, CEO, OneMove Limited.
As per the terms of the agreement, Mr. Patel has returned to treasury the 5.6 million OneMove shares that were issued to him as consideration for the original purchase of OneMove Limited. OneMove Limited has also issued a debenture to OneMove for approximately (pnds stlg)1.2 million, to be paid out over a term of 10 years. OneMove has renounced ownership of OneMove Limited, returning all shares held, and has provided (pnds stlg)175,000 in funding, 50% of which OneMove Limited will repay by way of the debenture. In addition, the representatives for each company have stepped down from the other company's Board of Directors; Neil Patel will no longer serve as a Director for OneMove.
In conjunction with the completion of the sale, OneMove and OneMove Limited have entered into a brand sharing and software license agreement. Under the terms of the software license agreement, OneMove Limited will continue to use OneMove's proprietary Move Management System (MMS) web-based platform for a monthly royalty fee.
About OneMove Technologies Inc.
OneMove Technologies Inc. (TSX-V: OM) is a real estate transaction platform. Through econveyance(TM), a leading edge web-based conveyancing software solution, OneMove(TM) simplifies and expedites the process of buying and selling real estate in British Columbia, Canada. econveyance links all participants in the property transfer process, offering a secure and efficient means of seamlessly completing and monitoring the transaction online. Additional information about OneMove can be found at www.onemovetech.com or www.sedar.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements." These statements relate to future events or future performance and reflect expectations and belief regarding growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward-looking statements reflect current internal projections, expectations or beliefs and are based on information currently available. A number of factors could cause actual events or results to differ materially from the results discussed in the forward-looking statements. Although it is believed that the forward looking statements contained in this press release are based upon reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and OneMove Technologies Inc. assumes no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws.
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