Brief: Sito Mobile Announces Termination Of IP Revenue Sharing Agreement And Settlement Of Related Litigation

Sito Mobile

20/02/2018 21:05

Feb 20 (Reuters) - Sito Mobile Ltd  SITO.O : 
    * SITO MOBILE ANNOUNCES TERMINATION OF IP REVENUE SHARING 
AGREEMENT AND SETTLEMENT OF RELATED LITIGATION 
    * SITO MOBILE - ENTERED INTO SETTLEMENT DEAL AND MUTUAL 
RELEASE 
WITH TAR SITO LENDCO LLC, JULIAN SINGER, KAREN SINGER & GARY 
SINGER 
    * SITO MOBILE LTD -  REVENUE SHARING AND NOTE PURCHASE 
AGREEMENT 
IS BEING TERMINATED IN EXCHANGE FOR A ONE-TIME PAYMENT BY SITO 
TO TAR GROUP OF $3.5 MILLION 
    * SITO MOBILE - PENDING LITIGATION BETWEEN SITO, CERTAIN OF 
UNITS 
& TAR GROUP RELATING TO IP REVENUE SHARING DEAL TO BE DISMISSED 
    * SITO MOBILE LTD -  CO, UNIT, MEMBERS OF TAR GROUP AND 
AFFILIATES, TO RELEASE EACH OTHER FROM ANY AND ALL CLAIMS CO OR 
THEY HAVE, HAD OR MAY HAVE 
    * SITO MOBILE  -  FOR 5 YRS, MEMBERS OF TAR GROUP WILL NOT 
ACQUIRE OR SELL CO'S SECURITIES, NOMINATE A PERSON FOR ELECTION 
TO BOARD 
    * SITO MOBILE LTD -  PORTION OF PROCEEDS OF ANNOUNCED 
OFFERING OF 
COMMON STOCK TO BE USED TO FUND PAYMENT UNDER SETTLEMENT 
AGREEMENT 
    * SITO MOBILE LTD - PAYMENT UNDER SETTLEMENT AGREEMENT WILL 
BE 
EXPENSED BY COMPANY IN ITS Q1 2018 FINANCIAL STATEMENTS 
 
Source text for Eikon:  ID:nGNX4ZYjdG  
Further company coverage:  SITO.O  
 
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