Extension to World wide Ability Software rights
October 14 2009 - 2:00AM
UK Regulatory
TIDMFMJ
RNS Number : 7247A
Formjet PLC
14 October 2009
Formjet plc
('Formjet' or 'the Company')
Formjet reach Agreement to extend exclusive World wide licence rights
of Ability Brand Software until September 2018
The board of Formjet plc, is pleased to announce that it has signed an extension
of its Ability Software Exclusive World wide Distribution Agreement that was due
to end in September 2010. The new Agreement will be for a term ending 30th
September 2018, subject to termination on two years' notice from the licensor at
any time. Ability Software International Limited ("ASI") will continue to be
granted exclusive distribution rights, worldwide, in respect of the software
under the Ability brand, current retailer white label brands and new white label
brands approved by the parties. The main commercial terms relating to royalty
rates and payment dates remain the same for sales under these brands.
Andrew Monk, the recently appointed CEO, commented that "the Company currently
has only one subsidiary, ASI Innovations, which distributes the ASI Ability
software. This agreement allows us to take ASI innovations to the next level".
ASI Innovations is undergoing further restructuring to continue to drive down
costs but also to look for new routes to market which may include some form of
licence and royalty agreements similar to that already announced with a North
American software provider.
The board is also, as previously stated, looking for acquisitions to grow the
Company and this process is ongoing.
ENQUIRIES:
Formjet plc
Tel: 01293 848 860
Andrew Monk, Chief Executive
www.formjetplc.com
Shore Capital & Corporate Ltd Tel:
0207 408 4090
Andrew Raca
This information is provided by RNS
The company news service from the London Stock Exchange
END
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