Breaking News: Glance Technologies Amends and Completes Transaction With Fobisuite and Announces Joint Venture With Kinect | Financial Buzz

Breaking News: Glance Technologies Amends and Completes Transaction With Fobisuite and Announces Joint Venture With Kinect

Glance Technologies Inc. (CSE: GET) (OTCQB: GLNNF) (FKT: GJT) today announced it has amended and completed its previously announced transaction with Fobisuite Technologies Inc. and entered into a joint venture with Kinect Technology Inc. (“Kinect”).

Amended and Restated Agreement

Glance previously announced an agreement with Fobisuite which included the grant of a license from Glance and Fobisuite to a newly-created company Fobi Pay Technologies Inc. (“Fobi Pay”). The terms of that agreement were amended to substitute a new entity, Converge MobiSolutions Inc. (“Converge”), for Fobi Pay. As part of the amended agreement, Glance has entered into a license and distribution agreement with Converge pursuant to which Converge has the right to sell Glance’s technology. Converge has also entered into a separate license and distribution agreement pursuant to which it has the right to sell certain other technology that has been licensed to Kinect. As explained further below, Converge will be focused on marketing and selling technology to certain types of merchants such as casinos, hotels, restaurants and nightclubs and will target certain geographies including Las Vegas. Glance owns 49% of the common shares of Converge and Kinect owns the remaining 51% of Converge.

Fobisuite Transaction

Pursuant to the terms of the agreement with Fobisuite, Fobisuite has granted Glance a non-exclusive licence to use Fobisuite’s technology which allows for the digitization of receipts for data collection and the ability to customize and append receipts with advertisements, deals and coupons for merchants in the hospitality industry.

“Fobisuite’s technology platform will allow us to bypass traditional integrations with POS systems to access order & payment information, especially improving our offering to both consumers and merchants in situations where integrations may not be feasible,” says Glance CEO Desmond Griffin, “Additionally, this opens up further revenue opportunities from real-time targeted consumer advertising and increased data analytics. We believe this is complementary to our current Glance Pay platform and are excited to begin implementing this technology.”

The following are the material terms of the agreement between Glance and Fobisuite:

  • Fobisuite has granted Glance a non-exclusive licence that will be for an initial term of ten years with perpetual subsequent one-year renewal terms. This device allows for the digitization of receipts for data collection and the ability to customize and append receipts with advertisements, deals and coupons for merchants in the hospitality industry.
  • The remaining $250,000 and the 250,000 shares of Glance were released from escrow to Fobisuite on closing of the transaction.
  • Glance has also entered into a marketing and business development agreement with Rob Anson, CEO of Fobisuite to grow the current Glance distribution network by making introductions to Fobisuite’s current technology partners. Pursuant to this agreement, Mr. Anson was granted incentive stock options. The stock options vest upon the achievement of certain performance business development milestones and are subject to the terms of the company’s stock option plan and regulatory approval.

Joint Venture with Kinect

Glance has also entered into a joint venture with Kinect to form Converge and granted it a license to sell Glance’s products. Converge will initially be focused on selling Glance’s products in destination cities around the world, commencing in Las Vegas and Hawaii, with an aim to increase market share in APAC Region.

Glance will own 20,000,000 shares in Converge and Kinect will own 20,500,000 shares.

“We have a vision for digitally transforming how cities and commerce intersect as we aim to bring together partners that share our passion for advanced digital technology, smart living, and connectivity in the community with tech-enabled, human-centric services to transform the physical world,” says Kinect’s CEO, Reo Kobayashi, “We believe that collaborative efforts that work towards embracing technology and embedding it in the very infrastructure of cities is at the core of improving city experiences.”

Glance has also entered into an advisory agreement with Reo Kobayashi, CEO of Kinect, pursuant to which Mr. Kobayashi has been granted incentive stock options to purchase common shares of Glance.

About Glance Technologies Inc.

Glance Technologies is the owner of Glance Pay and Glance PayMe, a pair of complementary smartphone payment applications that enable merchants to provide their customers with quick secure payments, digital rewards, and better experiences. Glance offers targeted in-app marketing, geo-targeted digital coupons, customer feedback, in-merchant messaging, custom rewards programs, digital receipts, and digital deals.

Sponsored Content Release. Click for Full Disclosure

2 Comments
  • Sponsored Content Release

    FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

    Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the ‘Site’) is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For glance technologies inc. financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.