Consorteum Holdings, Inc. (CSRH) Inks License Agreement with Consorteum Holdings, Inc. (CSRH) Inks License Agreement with NYG Holdings
Today, Consorteum Holdings reported it has entered into a multi-year 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.
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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