EXO U signs OEM Agreement Conditional on
Successful Pilot In Ethiopia
MONTREAL, Feb. 18, 2016 /CNW Telbec/ - EXO U
Inc. ("EXO U") (TSXV: EXO) announces that it has
entered into a license agreement (the "License Agreement")
with Yazmi USA,
LLC ("Yazmi"), a company located in Silver Spring, Maryland, USA, to distribute a
fully customized version of Ormi, its mobile device teaching
platform for schools. The non-exclusive License Agreement
establishes terms for distribution with Yazmi's satellite Internet
solution for schools in Ethiopia
and sets out three (3) phases of partnership which include a pilot
phase, a development phase and a delivery phase. Each successive
phase is dependent on the successful completion of the previous
phase. Yazmi can terminate the agreement prior to March 18, 2016 during the Pilot Phase (as defined
below).
- Pilot Phase:
The pilot phase, which runs
until March 18, 2016, shall be
dedicated to testing the effectiveness of the EXO U software on the
current structure and functionality of the Yazmi
OdysseyTM Tablets over a standard Internet environment
(the "Pilot Phase"). The successful completion of the Pilot
Phase is a condition to the continuation of the License Agreement.
There is no certainty that the Pilot Phase will be successful and
that the parties will proceed to the Development
Phase.
- Development Phase:
The development phase,
which runs from March 19, 2016 to
July 1, 2016, shall be devoted to
fine-tuning the personalized EXO U software to ensure that it meets
the specific and agreed development requirements of Yazmi (the
"Development Phase"). During this Development Phase,
demonstrations and pilots may be facilitated as needed on the EXO U
software. The Development Phase is subject to modifications
following the completion of the Pilot Phase. In connection with the
Development Phase, EXO U shall receive development fees payable on
or about March 31, 2016 based on the
successful completion of the Pilot Phase, as well as on the
Delivery Date (as defined below).
- Delivery Phase:
The delivery of the
completed personalized EXO U software is contemplated to begin on
or about August 1, 2016 (the
"Delivery Date"). Following the Delivery Date, the License
Agreement contemplates minimum delivery amounts of devices per
year, for which EXO U shall receive license fees during the term of
the License Agreement.
The pilot schools identified in the agreement are located in
Ethiopia and are to be managed by
Yazmi and EXO U jointly. Provided the Pilot Phase is successful,
the development and fulfillment phases of the License Agreement
will immediately follow. As at the signing of the License
Agreement, EXO U has not yet tested Yazmi's technology for the
pilot program, including the Internet connectivity and Yazmi's
OdysseyTM Tablets.
About EXO U
EXO U's shares trade on the TSX Venture Exchange under the
ticker symbol EXO. EXO U develops an innovative software platform
that enables businesses and educational institutions to securely
mobilize and manage their mobile workforce and students by
delivering engaging experiences spanning desktop and mobile
applications. At the core of EXO U's platform is the smart and
agnostic EXO engine that unifies multiple software platforms,
allowing devices to interact and communicate seamlessly together.
For more information, visit EXOU.com or follow us on Twitter
@exo_u.
Disclaimer in Regards to Forward-Looking Statements
Certain statements included herein that are not historical
facts, including but not limited to statements with respect to
management's expectations or estimates of EXO U's future
performance or future events, including regarding EXO U's
successful completion of the development phases of the License
Agreement, constitute "forward-looking statements" within the
meaning of applicable securities laws. Forward-looking statements
are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by management at this time, are
inherently subject to significant business, economic, regulator and
competitive uncertainties and contingencies that could cause actual
results or events to differ materially from those expressed or
implied in such statements. Readers are cautioned not to place
undue reliance on these forward-looking statements. EXO U disclaims
any intention and assumes no obligation to update or revise any
forward-looking statements, except as required by applicable
securities laws. For additional information with respect to certain
of these and other assumptions and risk factors, please refer to
EXO U's management's discussion and analysis for the year ended
March 31, 2015, available under the
Company's profile on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE EXO U Inc