6PM Holdings plc – Information to maintain a fair market

6PM Holdings plc announced that the Company has entered into an agreement (“Agreement”) with Javali, LLC (“Javali”), by virtue of which, the Company will be licensing its proprietary solution CareSolutions. Javali is a limited liability company incorporated in the State of Utah in the United States of America (“Javali”) and is composed of a number of shareholders, including the University of Utah. 

Javali has been granted the right to further develop CareSolutions in order to create a solution aimed at enabling financial institutions improve and increase their financial efficiencies through an automated audit capability (“the Solution”). 

In consideration of the license and the commitment to provide assistance in furtherance of the development of the Solution, the Company has been issued with ten per cent (10 %) in equity in Javali. The total investment by the Company is being estimated to amount to £ 950,722 (€ 1,159,417). Furthermore, the Company will also be allotted with forty five per cent. (45 %) in equity in a company that will be granted exclusive rights to market the Solution in Europe. 

All the necessary development and support in relation to the Solution is being provided by 6PM resources in Malta and Macedonia. 

The Solution is expected to reach the market by latest September 2014 and the Company expects to start bearing results from this investment in 2015. 

To view the official company announcement, click here.