Vancouver, BC / TheNewswire / April 4, 2017 — Eight Solutions Inc. (TSXV:ES) (“Eight Solutions” or the “Company”) is pleased to provide the following business update. The business is progressing and growing as planned.  The Company continues to install its cloud based big data analytic platform into the forestry sector; a digital media asset management platform has been released with a broader focused application; and the plan is to expand the Cumul8 platform into other industries before the end of 2017.

 

As the Company continues to execute on its business plan, a number of financing options have been considered to satisfy continued financing needs in order to accelerate development and sales.

 

As opposed to seeking additional equity at the Company’s current share price and causing significant dilution to existing shareholders, the Company has monetized the remaining fixed and performance-based royalty payments due under the 3D license agreement with Prime Focus Limited (“Prime Focus”).  In so doing, Eight Solutions has entered into an agreement with Prime Focus to terminate the license for $5 million, including the sale of the 3D technology to Prime Focus.

 

The agreement is conditional upon: i) Eight Solutions shareholder approval, ii) approval of the TSX Venture Exchange, iii) the Company’s receipt of advances from Prime totaling $2 million, and iv) completion of the sale of the 3D technology to Prime Focus. The initial advances in the amount of $2 million have been received to date, with the balance payable on closing which is expected to occur on or before May 30, 2017.  Notice for the shareholder meeting has been sent to shareholders, for which additional details will be mailed.  

 

“What is exciting for the Eight Solutions team is that we have a working big data platform.  We are not just talking about what could be.  To see data coming from the manufacturing floor, driving data that into our custom cloud solution, and then showing a visual/operational return on investment (ROI) on that data is exceptionally rewarding. The decision to monetize the 3D license now, while a significant decision for us, was because we believe this is the right time to work with Prime Focus to maximize our interest in the current 3D market rather than risk the future of 3D.  This transaction also allows us to execute on our big data platform plan while minimizing shareholder dilution through an alternative equity transaction, thus enhancing overall shareholder value”, says Rory Armes, Eight Solutions CEO.  

 

About Eight Solutions

Eight Solutions Inc. is a technology company led by a team of gaming industry veterans. The Company creates and develops elegant software where science and art are brought together to solve business challenges. Eight’s portfolio includes: Cumul8, a big data platform providing data analytics and visualization solutions; Reelhouse, an online entertainment distribution community; and an award winning 3D technology division. For more information, visit www.eightsolutions.com.

On Behalf of the Board of Directors

“Rory Armes”
Rory Armes
Chief Executive Officer and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” “can” and other similar words, or statements that certain events or conditions “may” occur. Although Eight Solutions believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

For more Information, please contact:
Investor Relations
investor.relations@eightsolutions.com
Suite 100, 138 East 7th Avenue
Vancouver, British Columbia, V5T 1M6