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Glance Technologies (OTC:GLNNF) reaches licensing, sub-licensing agreements following failed coup attempt

Tony Zerucha

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Glance Technologies (CSE:GET.CN) (OTC:GLNNF) has reached agreements with its licensing and sublicensing partners, Yield Growth and Loop Insights, following a failed takeover attempt led by a former executive.

These new agreements with Yield and Loop do not require Glance to provide any products or services, the company said in a release. Management added these arrangements will help remove uncertainty and unnecessary distraction thus allowing them to better focus on its key initiatives while still significantly participating in any future upside of the other parties success.

Glance’s existing license agreement with Yield will be amended to reduce the license scope, removing Glance’s obligation to provide future products or services to Yield. Glance and Yield have entered into a release and settlement agreement releasing them from all obligations and claims with respect to each other.

As part of the Yield agreement Glance will now own nine million Yield shares and will be issued six million warrants to purchase Yield shares with a five-year term at a price per share of an IPO or listing price of Yield. Glance had owned 20.9 million Yield shares.   

Glance co-founder and Yield president and CEO Penny Green agreed to certain trading restrictions relating to the next 6.84 million Glance shares she owns (or is the beneficial owner of) that are due to be released from escrow (restricted shares).  Ms. Green, who waged but lost a takeover of the company to brother-in-law and current CEO Desmond Griffin, has agreed not to sell more than 20,000 of the restricted shares in a single day. The majority of her shares remain subject to escrow agreements, with remaining tranches set to be released between March 2019 and September 2020. Glance has also entered into an agreement in which it agrees not to sell more than 20,000 of its Yield shares in a single day.

Ms. Green has also entered a voting support agreement requiring her to support and vote in favor of any candidates for the Glance board of directors nominated by Glance’s current board.  Glance has also entered into a voting support agreement to support and vote in favor of any candidates for the Yield board nominated by Yield’s current board.  A mutual non-disparagement agreement will apply to both Yield and its directors and certain executives (including Ms. Green), and to Glance and its directors.

Under a separate concurrent agreement with Loop, the Yield sublicense of Glance technology to Loop is cancelled and replaced by a more limited scope license agreement directly with Loop and a non-binding letter of intent to explore ways to work together and leverage each other’s technology.  Glance will receive one million Loop shares in place of the four million it now owns. Any compensation arising from the non-binding letter of intent has not yet been determined.

Tony Zerucha

Tony Zerucha is an alternative finance journalist with more than seven years experience in the space. The author of more than 1,000 articles, Tony was named LendIt's 2018 Journalist of the Year.

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