REG - Biome Technologies - Settlement Agreement <Origin Href="QuoteRef">BIOM.L</Origin>

Biome TechnologiesAnnouncement

18/01/2017 07:06

RNS Number : 4033U
Biome Technologies PLC
18 January 2017
18 January 2017
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Biome Technologies plc 
("Biome", "the Company" or "the Group")
Settlement Agreement
Biome Technologies plc announces that it has signed a settlement agreement with third parties regarding legacy technology licensing arrangements involving the use of part of Biome's historic technology (the "Settlement Agreement"). Under the terms of the Settlement Agreement, Biome will receive a payment of 450,000, such payment to be received within 14 business days of signing of the Settlement Agreement.
Various agreements which have been in place since 2000 provided for royalties to be paid by the third parties to Biome for the use of certain Biome technologies relating to the legacy Aquasol business. The patents associated with this technology are no longer in force and, pursuant to the Settlement Agreement, Biome and the third parties have agreed to a mutual release from all obligations under the agreements.
The funds received under the Settlement Agreement will be deployed for normal business purposes. 
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For further information please contact:
Biome Technologies plc

Paul Mines, Chief Executive Officer

Declan Brown, Group Finance Director

www.biometechnologiesplc.com
Tel: +44 (0) 2380 867 100


Allenby Capital

David Hart/Alex Brearley (Nominated Adviser)
Chris Crawford/Kelly Gardiner (Broker)

www.allenbycapital.com
Tel: +44 (0) 20 3328 5656


FTI Consulting

Oliver Winters
www.fticonsulting.com
Tel: +44 (0) 20 3727 1535

This information is provided by RNS
The company news service from the London Stock Exchange
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