MONTREAL, Oct. 15, 2015 /CNW Telbec/ - EXO U Inc. (TSXV:EXO) ("the Company" or "EXO U "), the developer of the EXO U Mobile Engagement Platform, today announced that further to its press release on October 1, 2015 regarding a memorandum of understanding ("MOU") entered into by EXO U with QOMO HiteVision, L.L.C. ("QOMO"), a manufacturer of high technology electronic products located in Wixom, Michigan, USA, the Company and QOMO have now entered into the license agreement contemplated in the MOU. The license agreement sets out the terms and conditions on which EXO U will provide QOMO a fixed minimum number of worldwide licences each year over a three-year, renewable term on a non-exclusive basis for the EXO U software on which students, teachers and administrators can learn, communicate, share and create digital content for use on multiple devices.
The minimum volume commitment in the three-year license agreement is expected to generate approximately US$2 million in sales for EXO U. In addition, this license agreement is also expected to give EXO U, via the QOMO sales channels, increased visibility in 16,000 school districts in the US, Europe and the Middle East.
As previously disclosed in the Company's October 1, 2015 press release, the MOU provides that EXO U and QOMO will develop their partnership in three areas:
- Initial go-to-market strategy including training QOMO's reseller network, joint attendance at trade shows and joint presentations to school districts across the US.
- The License Agreement for the EXO U software to be included with every QOMO Large Format Display sold into the education sector (the execution of which was announced today).
- Master Distribution Agreement to distribute the EXO U Mobile Engagement Platform on other QOMO technologies and also to distribute to other leading businesses suppling mobile devices to the education sector.
"We are very pleased to have been able to quickly sign the license agreement we had contemplated in our MoU", said Shan Ahdoot, President and Chief Executive Officer of EXO U. "Our joint focus on implementing the MOU highlights the fact that both EXO U and QOMO feel that the opportunity for each of us is both significant and timely. We feel that there is a significant synergy between EXO U software and QOMO hardware and we want to immediately address the opportunities for what we feel is our very compelling joint offering and market solution."
"QOMO is excited to team up with EXO U to create a solution that will be a game changer for 1:1 learning and enhance BYOD in the classroom", said Kevin Talentino, President of QOMO. "This is the Next Generation technology."
About the EXO U Mobile Engagement Platform
The EXO U Mobile Engagement Platform can be used by school districts to empower educators to manage and share third-party digital materials and instructional content to almost any digital device. With both offline and online flexibility, EXO U creates a classroom-focussed, learner-centric platform that runs across multiple devices, is compatible with most operating systems, and delivers both online and offline access to instructional content in and beyond the classroom.
The EXO U Mobile Engagement Platform is device agnostic, supports and encourages collaboration and transparency within the classroom, optimizes efficiency, and handles open education resources (OER) seamlessly.
EXO U continues to expand its strategic channel, technology and content partner programs, with the goal of delivering joint integrated solutions to customers around the world.
About EXO U
EXO U's shares trade on the TSX Venture Exchange under the ticker symbol EXO.V. EXO U develops an innovative software platform which enables businesses and educational institutions to securely mobilize and manage their mobile workforce and students by delivering engaging experiences spanning desktop and mobile applications. At the core of EXO U's platform is the smart and agnostic EXO engine that unifies multiple software platforms, allowing devices to interact and communicate seamlessly together. It enables true mobility for businesses and educational organizations by solving important mobility issues such as security, privacy, collaboration, and management of application and content. EXO U's technology agnostic framework delivers to end users a safe, reliable, and intuitive smart workspace designed for connecting with people, accessing services, and sharing information and digital content, while requiring minimal infrastructure and optional Internet connectivity. It simplifies management of the entire application lifecycle, freeing the organizations to focus on building engaging apps that work across different operating systems and form factors, thus increasing productivity for developers and reducing total cost of ownership for organizations. By offering an engaging and exceptional user experience on all computing devices, without compromising security or protected information, the EXO U enterprise and education solutions allow organizations to embrace consumerization and enjoy all the benefits of mobile. For more information, visit http://www.exou.com and follow us on Twitter @exo_u.
QOMO HiteVision L.L.C., an American company, is a global manufacturer of presentation technology for the education and corporate market. QOMO stands out above the rest by offering complete solutions, with a range of products and seamless integration, to present you with options that will turn your entire classroom or office into a truly interactive environment. QOMO's comprehensive product line includes interactive touchscreens, whiteboards, wireless presentation systems, document cameras, student response system, integrated classroom software solutions and beyond. Learn more about QOMO's Next Generation Classroom Solutions at www.QOMO.com and follow QOMO on Twitter @qomosolutions.
Certain statements made in this press release that are not historical facts are forward-looking information within the meaning of application securities laws. The statements regarding the Company's expectations and intentions, including regarding expected revenues and expected access to school districts through QOMO sales channels are forward-looking statements. These forward-looking statements are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Readers are cautioned not to place undue reliance on these forward-looking statements. For additional information with respect to certain of these and other assumptions and risk factors, including regarding the Company's ability to continue as a going concern, please refer to EXO U's management's discussion and analysis for the year ended March 31, 2015 and for the quarter ended June 30, 2015 available under the Company's profile on SEDAR at www.sedar.com. The forward-looking information contained in this press release represents EXO U's current expectations. EXO U disclaims any intention and assumes no obligation to update or revise any forward-looking information, except as required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts any responsibility for the adequacy or accuracy of this release.
SOURCE EXO U Inc
For further information: For investor or media inquiries, please contact: Doug McCollam, CFO, [email protected], 514-212-7407