RC365 shares rise as defers YouneeqAI contract until October

(Alliance News) - RC365 Holding PLC shares edged up on Monday, after it said it has amended its contract with YouneeqAI Technical Services Inc.

RC365 is a London-based company focusing on payment gateway solutions and IT support services. Its shares were up 4.3% to 9.13 pence each in London on Monday morning.

Back in August, RC365 said it signed a deal worth about GBP7 million with YouneeqAI Technical Services to use YouneeqAI's technology in the UK. The agreement is for an initial term of 10 years and automatically renews for successive terms of five years, unless terminated by either party.

YouneeqAI is a Denver, Colorado-based artificial intelligence platform focused on product customisation and recommendations.

The consideration includes the issue of 6.0 million new RC365 shares. RC365 said 3.0 million shares were issued on signing the agreement in September, with the balance planned to have been issued around February 29.

However, on Monday, RC365 said the outstanding 3.0 million shares will now be issued around October 1.

RC365 also said: "The board of RC365 have given consideration to the project and decided that resources in the short term for this project would be better deployed to Malaysia and Japan where operations have accelerated quicker than the board anticipated.

"The UK remains a key focus for the company and the board continue to explore opportunities in this region," it added.

By Sophie Rose, Alliance News senior reporter

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