VANCOUVER BC / TheNewswire / May 2, 2017 — Eight Solutions Inc. (TSXV:ES) (“Eight Solutions” or the “Company”) has signed an Asset Purchase Agreement (“APA”) and the Technology Support Agreement (“TSA”) with Gener8 Digital Media Services Ltd., a subsidiary of Prime Focus Limited (“Prime Focus”), in connection with the Technology License Termination Agreement which was previously announced on April 4, 2017 (together called the “Transaction”).

Pursuant to the terms of the Transaction agreements, Eight Solutions is expected to receive $2 million for the sale of its 3D conversion technology and $3 million for terminating its original license agreement.  Of the total $5 million, the Company has received $2 million to date. The balance is payable upon closing, which is expected to occur on or around May 30, 2017.  The TSA is an 18 month agreement totaling an estimated $810,000 with an option for Prime Focus to renew for further one year terms.

“This is a great step forward for us,” says Rory Armes, CEO of Eight Solutions.  “The funds from the Transaction will be used to drive sales and marketing for Cumul8, expand across the forestry sector, commercialize Jetstream, and repay some short-term debt.

The information circular has been mailed out to the Company’s shareholders detailing the Transaction and the terms of the Transaction agreements and a shareholder meeting to approve the Transaction will take place at the end of May 2017.  The closing of the Transaction is also subject to customary closing conditions including receipt of TSX Venture Exchange approval.  

About Eight Solutions

Eight Solutions is a technology company led by a team of video game industry veterans. Eight Solutions’ flagship product is Cumul8, a data analytics and visualization solution. Cumul8 works with any type of data source to help people and companies understand, collaborate, and make better decisions with data. Eight Solutions’ portfolio includes an award-winning 3D software technology licensed to the film industry; and Reelhouse, a unique video-on-demand platform that allows filmmakers to distribute their content directly to users. For more information, visit www.eightsolutions.com.

On Behalf of the Board of Directors

“Rory Armes”
Rory Armes
Chief Executive Officer, President 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” and other similar words, or statements that certain events or conditions “may” occur. In particular, forward-looking statements in this press release include, but are not limited to, statements respecting the use of proceeds and the terms and closing of the transaction. Although the Company 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 including, without limitation, risks with respect to: closing the definitive agreements respecting the transaction, obtaining all regulatory and third party consents, obtaining the requisite shareholder approvals for the transaction, our ability to hire and retain qualified employees and key management personnel; possibility that government policies or laws may change; amount and timing of operating costs and capital expenditures; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; reliance on a limited number of suppliers; risks related to the Company’s competition; the Company’s failure to adequately protect its intellectual property; interruption or failure of information technology systems; the risk that the transaction may not be completed as planned, or at all; and business, legal and/or regulatory risks relating to the Company's business, financings and strategic acquisitions. 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