TORONTO, Oct. 12, 2023 /CNW/ - Genifi inc. (TSXV: GNFI) ("genifi" or the "Company") a leading provider of advanced financial technology platforms, announced today that it has licensed its IDVerifact digital identity platform (the "Platform") to an arm's length third party (the "Licensor"). Under the terms of the agreement, signed October 11, 2023, genifi will be entitled to receive 100% of the licensing fees received from certain pre-existing potential customers who use the Platform, and it will be entitled to receive 75% of all licensing fees for all other customers using the Platform. The Company will control all terms and pricing for customers using the IDVerifact platform. The Licensor will be responsible for providing customers with consulting and support and will be entitled to receive all fees arising from such activities. The Licensor will also be responsible for all costs associated with the sales, delivery, implementation and operation of the Platform for all customers. The licensing agreement, which is effective September 25, 2023 has an initial term of five years and may be renewed for additional five year terms.
In connection with the execution of the licensing agreement the Licensor has retained five employees, including George Colwell, formerly genifi SVP of the IDVerifact Platform, and one consultant of the Company.
"We are very pleased to announce this strategic new licensing agreement for IDVerifact," commented Tom Beckerman, genifi's CEO. "The licensor is a technology firm with a global customer base, which greatly expands our IDVerifact opportunity. This transaction is a major step for genifi, to expand its potential growth, lower its costs and transform into a pure IP company. The Company also continues to look at strategic alternatives for its tunl.chat generative AI platform and will provide further updates as developments warrant."
About genifi inc.:
Genifi (formerly Prodigy Ventures) delivers Fintech innovation, with its cutting-edge platforms: IDVerifact for digital identity verification, and tunl.chat for generative AI chat. Genifi has been recognized as one of Canada's fastest-growing companies and is committed to driving innovation in the Fintech industry.
Forward-Looking and Cautionary Statements
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Although genifi believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in genifi's Management's Discussion and Analysis for the period ended June 30, 2023, a copy of which is filed on SEDAR+ at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, genifi does not intend, or assume any obligation, to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE genifi inc.
PRODIGY VENTURES INC., Andrew Hilton, Chief Financial Officer, [email protected], 416-606-8833
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