Why investors are here6 Jan 2018 09:29
Milestone (AIM:MSG), the AIM quoted provider of digital media and technology, notifies shareholders that it has entered into a software license agreement (“License Agreement”) with Envoy Group Corp (soon to be renamed Black Cactus Global, Inc) (“Black Cactus Global”), a OTC Bulletin Board listed company. The License Agreement supersedes the joint venture agreement between Milestone and Black Cactus Holdings Pty Limited that was announced on 9 December 2015, creating Nexstar (the Company’s subsidiary).
Under the terms of the Licence Agreement Black Cactus Global has granted Milestone an exclusive sublicense for the British Isles and certain British Overseas Territories for a range of products previously announced, including Backstage HD, MusicRoo, Black Cactus Music (referred to from this point as Music platform), Card programmes and KYC products. The expanded agreement additionally allows Milestone to use the Black Cactus Global Blockchain platform to build bespoke solutions whilst developing its own IP.
In consideration for the Licence Agreement in respect of licenced products, Milestone has agreed to pay Black Cactus Global a royalty of 10% of the first £500,000 of gross revenues and 5% on any gross revenues in excess of this amount. In addition, Milestone has agreed to issue Black Cactus Global 744,131,477 shares which equates to 29.5% of its enlarged share capital (“Share Consideration”). The Share Consideration is subject to shareholder approval.
Milestone will earn revenues from its own marketing of the licenced products as well as revenue from business introduced within the UK by Black Cactus Global. Milestone will also receive a revenue share for those introductions by Milestone to Black Cactus Global outside of the UK and a share of all other agreements made by Black Cactus Global.
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