REG - Live Company Group - Start Art Licence Agreement - Update

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03/02/2023 07:00

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RNS Number : 8075O  Live Company Group PLC  03 February 2023

 3 February 2023

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No 596/2014. as it forms part of UK Domestic
Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

 

 

LIVE COMPANY GROUP PLC

("LVCG", the "Company" or the "Group")

 

START ART LICENCE AGREEMENT

UPDATE on StART

 

 

 

LVCG is pleased to announce an additional licence agreement ('Agreement") with
Mr Jason Lee Byoung Goo ("the Licensee") whereby Mr Lee has licenced the StART
Art name worldwide for use in an art based blockchain product ("Coin").  Mr
Lee has an existing licence agreement with LVCG for StART Art Korea and has
already completed with success the first StART Art Korea art fair in Seoul as
announced on 2(nd) September 2022.

 

Under the terms of the Agreement:

 

·    An annual licence fee ("Fee") of £500,000 is payable by the Licensee
to the Licensor on 1 August in each year of the term

·    The fee is split between a £300,000 cash element (payable on 1(st)
August 2023) with the option, at the Company's discretion to receive the
remaining fee of £200,000 on or before 1(st) September 2023, in cash or Coins

·    The licence will be owned by a new Korean Company that is in the
process of being set up by Mr Lee

 

Several warranties are present within the agreement which include full
indemnity from the Licensee against all liabilities, costs, expenses, damages
and losses both direct and indirect to the Licensor - LVCG. The licensor has
also agreed to provide a business plan for Coin and legal opinions in the
relevant jurisdictions before undertaking any activities.

 

Mr Lee is looking to create an art community of the future incorporating art
with blockchain (as already announce StART art has already been looking at the
NFT space and testing the issue of art based NFT's). This agreement fits
within the Company's strategy of licencing out content and brands for a fixed
fee over multi-year terms.

 

StART Update

 

The Company will look to do a full update with regards to the overall business
and the progress it is making in the coming weeks but notes, as disclosed in
the RNS of 19 July 2022, detailing the contract for the acquisition of StART
Art Global Limited, that the further cash consideration of £300,000 and
£200,000 that were payable on 31 December 2022 to Mr Ciclitira and Mr
Murugason, respectively, have not as yet been made.  The Company is in
discussions with Mr Ciclitira and Mr Murugason to address the same.

 

 

 

Enquiries:

 

 Live Company Group Plc                        Tel: 020 7225 2000

 David Ciclitira, Executive Chairman

 Sarah Dees, Chief Operating Officer

 Beaumont Cornish Limited (Nominated Adviser)  Tel: 020 7628 3396

 Roland Cornish/Rosalind Hill Abrahams

 OvalX (Broker)                                Tel: 020 7392 1436

 Thomas Smith

 

LIVE COMPANY GROUP

Live Company Group Plc ("LVCG", the "Company" or the "Group") is a live
events, entertainment and sports events company, that has been trading on AIM
since 2017.

The Group is divided into four divisions;  BRICKLIVE, consisting of a network
of partner-driven fan-based and touring shows using BRICKLIVE created content
worldwide. The Company owns the rights to BRICKLIVE - an interactive
experience built around the creative ethos of the world's most popular
construction toy bricks. The Group is an independent producer of BRICKLIVE and
is not associated with the LEGO Group.  The second is Kpop. K.flex
is Europe's first ever Mega KPOP music festival.  The third is Live Company
Sports and Entertainment, which manages a number of global sports,
entertainment and lifestyle events.  The fourth division is StART Art Global.
StART Art Global is a combination of both physical art shows and a digital art
platform.

 

 

 

 

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