LONDON (Alliance News) - Workplace software company BOS Global Holdings Ltd said Wednesday it has agreed the sale of a number of its non-core assets.
BOS Global said it has reached an agreement with an unnamed US-based company to sell its Hostisme hospitality software prototype and associated intellectual property.
BOS Global will receive an upfront USD10,000 for the software, plus a minimum royalty fee of either USD60,000 on the tenth anniversary of the sale or a 2.5% royalty on sales of the software over a 10-year period beginning from 2018, whichever is greater.
Meanwhile, BOS Global's software development centre in India will provide a minimum of USD120,000 contracted software development services to the buying company in 2017.
BOS Global also noted it has disposed all the shares it held in Azarga Metals Corp for CAD26,000 in cash and is planning a formal sales process for its 75% owned subsidiary Copper Range, which has mining interests in South Australia.
"The company's focus continues to be its BOS360 Work Patterns system of software products and related services. The company's objective is to achieve operating profitability during the 2017, remain debt free and retain a surplus cash reserve to enable acquisition opportunities to be pursued," said BOS Global.
Shares in BOS Global were down 1.5% at 8.00 pence Wednesday morning.
By Adam Clark; adamclark@alliancenews.com
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