Live Company Group PLC Start Art Licence Agreement - Update (8075O)
February 03 2023 - 1:24AM
UK Regulatory
TIDMLVCG
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 GBP500,000 is payable by the
Licensee to the Licensor on 1 August in each year of the term
-- The fee is split between a GBP300,000 cash element (payable
on 1(st) August 2023) with the option, at the Company's discretion
to receive the remaining fee of GBP200,000 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 GBP300,000 and GBP200,000 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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END
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