Altitude Group PLC Technology Partnership Agreement (3991G)
August 05 2016 - 5:49AM
UK Regulatory
TIDMALT
RNS Number : 3991G
Altitude Group PLC
05 August 2016
Altitude Group plc
("Altitude" or the "Group")
Technology Partnership Agreement
Altitude Group plc, the provider of innovative technology
solutions for small to medium sized businesses, is pleased to
announce that its wholly owned subsidiary, Customer Focus Software
Inc., has agreed a five-year agreement with Philadelphia, PA based
AI Mastermind, a leading buying group serving more than 1,000
promotional product resellers representing over $200 million in
annual sales in North America (the "Agreement")
Under the terms of the Agreement, Altitude will provide each AI
Mastermind member with an ecommerce website that uses the Group's
unique proprietary technology. Altitude will receive a share of the
gross margin on all orders that are processed through the
platform.
The Agreement is for an initial five-year term, with automatic
renewal for a further five years. The Directors expect the first
customers to be live by October 2016 and the deal to be earnings
enhancing from launch.
Peter Hallett, Non-Executive Chairman of Altitude, said "AI
Mastermind is one of the fastest growing and highly respected
buying groups in the $22 billion personalised product industry
within the USA. This agreement further validates our decision to
focus on sharing of revenue throughput. It gives Altitude access to
1,000 customers for an extremely low acquisition cost, and delivers
our unique click to ship(tm) technology to them instantly."
Jamie Coggeshall, President and AI Mastermind, said, "We are
delighted to offer this new solution to our members. We have
partnered with Customer Focus on their order management solutions
for the last three years and are delighted to now be able to offer
this superb new ecommerce website solution that will allow our
members easy access to the fastest buying channel. AI Mastermind
members already enjoy incredible value for a low monthly fee and
they now get the best online shopping experience in the world for
no extra charge."
Enquiries:
Altitude Group plc
Peter J Hallett (Non-Executive Chairman)
Tel: 07887 987469
WH Ireland Limited (Nominated Adviser and Broker)
Tim Feather
Liam Gribben
Tel: 0113 394 6600
This information is provided by RNS
The company news service from the London Stock Exchange
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