BOS sells non-core assets

BOS GLOBAL, the software company focused on creating enterprise productivity solutions for the global workforce market, has sold all shares it held in Azarga Metals Corp for approximately C$26k (A$27k).

The net proceeds of the sale are expected be received by the company before 31 December.

The company also says it has reached a confidential agreement with a US-based start-up to sell the Hostisme hospitality software prototype and associated intellectual property, which is considered to be non-core to the Company’s activities. The terms agreed are

– Upfront US$10,000 upon execution of the assignment deed (expected on or before 31 December)

– Minimum US$120,000 contracted software development services to be provided by the BOS GLOBAL Software Development Centre In India for Year 2017 only

– Minimum royalty fee of US$60,000 payable on the 10th Year Anniversary or 2.5% royalty on sales over a 10-year period commencing from Year 2018, whichever is the greater amount

The company expects to complete the sale on or before 31 December.

The company says its 75% owned subsidiary Copper Range has renewed previously lapsed tenements and combined these with its existing portfolio of tenements in the Olympic Domain precinct located in South Australia. The company intends to commence a formal sale process for Copper Range and/or its minerals assets. The company’s focus continues to be its BOS360 Work Patterns system of software products and related services. The company’s objective is to achieve operating profitability during the 2017, remain debt free and retain a surplus cash reserve to enable acquisition opportunities to be pursued.

At 9:46am: (LON:BOS) BOS Global Holdings share price was -0.5p at 7.63p

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