Genifi Announces Additional Licensing Agreement
TORONTO, Nov. 21, 2023 /CNW/ - Genifi inc. (TSXV: GNFI) ("genifi" or the "Company") a leading provider of advanced financial technology platforms, announced today that it has licensed its tunl.chat platform (the "Platform") to an arm's length third party (the "Licensor"). Under the terms of the agreement, signed November 21, 2023, genifi will be entitled to receive 100% of the net plaftorm revenues received from certain pre-existing potential customers who use the Platform, 50% of net platform revenues from pre-existing pipeline opportunities and 75% of net platform revenues for all other customers using the Platform. The Company will control all terms and pricing for customers using the Platform. The Licensor will be responsible for providing customers with consulting and support and will be entitled to receive all fees arising from such activities. The Licensor will also be responsible for all costs associated with the sales, delivery, implementation and operation of the Platform for all customers. The licensing agreement, which is effective November 1, 2023, has an initial term of five years and may be renewed for additional five year terms.
"This licensing agreement is an important strategic initiative for genifi. It enables enhanced potential growth, lowers costs, and is a major step forward in genifi's evolution into a pure IP company", commented genifi's CEO, Tom Beckerman. "The licensor is a global technology firm with a worldwide customer base, which greatly expands our tunl.chat platform opportunity. Customers of the Platform will benefit from the scale and scope of the Licensor, to deliver enhanced capabilities and performance in the fast-moving generative AI space. The Company also continues to look at strategic alternatives for its consulting services business and will provide further updates as developments warrant."
About genifi inc.:
Genifi (formerly Prodigy Ventures) delivers Fintech innovation, with its cutting-edge platforms: IDVerifact for digital identity verification, and tunl.chat for generative AI chat. Genifi has been recognized as one of Canada's fastest-growing companies and is committed to driving innovation in the Fintech industry.
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements in this press release include, but are not limited to, statements regarding the ability to expand the tunl.chat platform opportunity and the ability of genifi to evolve into a pure IP company. Although genifi believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in genifi's Management's Discussion and Analysis for the period ended September 30, 2023, a copy of which is filed on SEDAR+ at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, genifi does not intend, or assume any obligation, to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE genifi inc.
