Today,
Consorteum Holdings reported it has entered into a license agreement with
multi-year license agreement with NYG Holdings LLC. Pursuant to a Sale Order
approved by the U.S. Bankruptcy Court for the Northern District of California,
NYG purchased various assets from named debtors Game2Mobile and Tarsin Inc.,
including right, title, and interest in the CAPSA platform.
The
agreement has an initial term of five years, renewable annually upon mutual
agreement. Under the agreement, Consorteum will be able to modify aspects of
the CAPSA platform, combine it with other technological advances created by
CSRH’s development subsidiary, ThreeFiftyNine (“359″), and rebrand and market
it under a new name. Additionally, Consorteum received sublicense rights under
the new agreement’s terms. Consorteum will receive credit for sums advanced
pursuant to the previous Tarsin, Inc. license. The new license agreement also
provides for royalty payments to NYG beginning 18 months after the Effective
Date of the license agreement.
Commenting
on the new license agreement with NYG, Craig Fielding, CEO of Consorteum and
President of 359, stated, “We are thrilled to have the ability to combine
certain attributes of the NYG platform with 359’s mobile hybrid solution.
Securing the rights to build upon this regulatory-approved platform further
enhances our exciting mobile product offerings.”
In October
2012, Consorteum inked a license agreement with Tarsin, Inc., which enabled it
to license the CAPSA platform for sales of mobile gaming and wagering programs
throughout Canada, Mexico, and for certain customers in the United States.
Thereafter, Consorteum had remitted certain sums as advances for the license.
After Consorteum and Tarsin’s finalization of the agreement, Tarsin filed a
voluntary petition for bankruptcy protection in the U.S. Bankruptcy Court,
Northern District of California. Consorteum was a creditor in this bankruptcy
case, which was Case No. 13-53607.
As
discussed in Consorteum’s Annual Report on 10k form, Consorteum decided to
reserve the entire amount of the Tarsin receivable until an outcome was reached
in the bankruptcy case. Now with the Bankruptcy Court’s approval of sale of the
debtor’s assets, including CAPSA to NYG Holdings, the way was opened for
Consorteum to enter into a new, enhanced, multi-year licensing agreement with
NYG Holdings.
For more
information, visit: www.consorteum.com
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