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.
