TORONTO, Nov. 21,
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 tunl.chat
platform (the "Platform") to an arm's length third party (the
"Licensor"). Under the terms of the agreement, signed
November 21, 2023, genifi will be
entitled to receive 100% of the net plaftorm revenues received from
certain pre-existing potential customers who use the Platform, 50%
of net platform revenues from pre-existing pipeline opportunities
and 75% of net platform revenues for all other customers using the
Platform. The Company will control all terms and pricing for
customers using the 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 November 1, 2023, has an
initial term of five years and may be renewed for additional five
year terms.
"This licensing agreement is an important strategic initiative
for genifi. It enables enhanced potential growth, lowers costs, and
is a major step forward in genifi's evolution into a pure IP
company", commented genifi's CEO, Tom
Beckerman. "The licensor is a global technology firm with a
worldwide customer base, which greatly expands our tunl.chat
platform opportunity. Customers of the Platform will benefit
from the scale and scope of the Licensor, to deliver enhanced
capabilities and performance in the fast-moving generative AI
space. The Company also continues to look at strategic alternatives
for its consulting services business 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. Forward-looking statements in this press release
include, but are not limited to, statements regarding the ability
to expand the tunl.chat platform opportunity and the ability of
genifi to evolve into a pure IP company. 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 September 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.
