Biome Technologies PLC Settlement Agreement (4033U)
18 January 2017 - 6:00PM
UK Regulatory
TIDMBIOM
RNS Number : 4033U
Biome Technologies PLC
18 January 2017
18 January 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
Biome Technologies plc
("Biome", "the Company" or "the Group")
Settlement Agreement
Biome Technologies plc announces that it has signed a settlement
agreement with third parties regarding legacy technology licensing
arrangements involving the use of part of Biome's historic
technology (the "Settlement Agreement"). Under the terms of the
Settlement Agreement, Biome will receive a payment of GBP450,000,
such payment to be received within 14 business days of signing of
the Settlement Agreement.
Various agreements which have been in place since 2000 provided
for royalties to be paid by the third parties to Biome for the use
of certain Biome technologies relating to the legacy Aquasol
business. The patents associated with this technology are no longer
in force and, pursuant to the Settlement Agreement, Biome and the
third parties have agreed to a mutual release from all obligations
under the agreements.
The funds received under the Settlement Agreement will be
deployed for normal business purposes.
-Ends-
For further information please contact:
Biome Technologies plc
Paul Mines, Chief Executive
Officer
Declan Brown, Group Finance
Director
www.biometechnologiesplc.com Tel: +44 (0) 2380 867
100
Allenby Capital
David Hart/Alex Brearley
(Nominated Adviser)
Chris Crawford/Kelly
Gardiner (Broker)
www.allenbycapital.com Tel: +44 (0) 20 3328
5656
FTI Consulting
Oliver Winters Tel: +44 (0) 20 3727
www.fticonsulting.com 1535
This information is provided by RNS
The company news service from the London Stock Exchange
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January 18, 2017 02:00 ET (07:00 GMT)