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.
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.