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CALGARY and EDMONTON, Dec. 11 /CNW/ - Sylogist Ltd. (TSXV: SYZ) ("Sylogist") is pleased to announce that it has entered into an amended exclusive license for the foundation software of its Bellamy Software suite of applications, for a one-time fee. The original perpetual license agreement Sylogist acquired in the purchase of Bellamy Software in 2006, contained royalties in favor of the licensor for customer licensing, maintenance and support, with significant annual, minimum payments required to maintain territorial exclusivity. These ongoing royalties and minimum payment thresholds have been eliminated effective immediately while retaining the territorial exclusivity.
"Bellamy Software applications are chosen by municipalities and school boards, for their reliability and functionality, including customer support advantages, as well as ongoing enhancements we have and are investing in. This arrangement provides us with the platform stability and certainty we and our customers require so we may invest to fulfill the significant customer and product growth ahead of us" stated Jim Wilson, President & Chief Executive Officer.
About Sylogist --------------
Sylogist provides hosted and customer installed leading enterprise information management software applications to municipal, education and private sector customers. Our integrated suite of business applications for municipalities fulfills the needs for revenue, finance and operations management capabilities. Our education applications provide financial, student information and collaborative web-based systems for the K-12 market.
Sylogist's stock is traded on the TSX Venture Exchange under the symbol SYZ. Information about Sylogist can be found at http://www.sylogist.com or on Sylogist's profile on SEDAR.
Forward-looking Statements --------------------------
This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and Sylogist's capability to execute and implement its future plans. Actual results may differ materially from those projected by management.
Although Sylogist believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Sylogist can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this press release are made as of the date hereof and Sylogist undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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