POSaBIT Announces ~$20MM USD Guaranteed Minimum Revenue Software License Agreement with Cannabis Technology Provider
Summary
In accordance with the License Agreement, the Licensee has prepaid the aggregate minimum royalty fees for the first year of the term, which are equal to $3,900,000 USD. The Licensee will have the right, exercisable at any time after the third anniversary of the License Agreement, to buy-out its royalty payment obligations by paying the Corporation an amount equal to the greater of (i) $30,750,000 USD; and (ii) five times the royalty payments payable by the Licensee for the previous twelve calendar months. POSaBIT (CSE: PBIT) is a financial technology company that delivers unique and innovative payment processing and point-of-sale systems for cash-only businesses. POSaBIT specializes in resolving pain points for complex, high-risk, emerging industries like cannabis with an all-in-one solution that is compliant, user-friendly, and utilizes top-of-the-line hardware. Neither we nor any of our representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release.