Start Art Licence Agreement - Update

RNS Number : 8075O

Live Company Group PLC

03 February 2023

 

 3 February 2023

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014. as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

LIVE COMPANY GROUP PLC

("LVCG", the "Company" or the "Group")

START ART LICENCE AGREEMENT

UPDATE on StART

LVCG is pleased to announce an additional licence agreement ('Agreement") with Mr Jason Lee Byoung Goo ("the Licensee") whereby Mr Lee has licenced the StART Art name worldwide for use in an art based blockchain product ("Coin").  Mr Lee has an existing licence agreement with LVCG for StART Art Korea and has already completed with success the first StART Art Korea art fair in Seoul as announced on 2^nd September 2022.

Under the terms of the Agreement:

· An annual licence fee ("Fee") of £500,000 is payable by the Licensee to the Licensor on 1 August in each year of the term

· The fee is split between a £300,000 cash element (payable on 1^st August 2023) with the option, at the Company's discretion to receive the remaining fee of £200,000 on or before 1^st September 2023, in cash or Coins

· The licence will be owned by a new Korean Company that is in the process of being set up by Mr Lee

Several warranties are present within the agreement which include full indemnity from the Licensee against all liabilities, costs, expenses, damages and losses both direct and indirect to the Licensor - LVCG. The licensor has also agreed to provide a business plan for Coin and legal opinions in the relevant jurisdictions before undertaking any activities.

Mr Lee is looking to create an art community of the future incorporating art with blockchain (as already announce StART art has already been looking at the NFT space and testing the issue of art based NFT's). This agreement fits within the Company's strategy of licencing out content and brands for a fixed fee over multi-year terms.

StART Update

The Company will look to do a full update with regards to the overall business and the progress it is making in the coming weeks but notes, as disclosed in the RNS of 19 July 2022, detailing the contract for the acquisition of StART Art Global Limited, that the further cash consideration of £300,000 and £200,000 that were payable on 31 December 2022 to Mr Ciclitira and Mr Murugason, respectively, have not as yet been made.  The Company is in discussions with Mr Ciclitira and Mr Murugason to address the same.

Enquiries:

Live Company Group Plc David Ciclitira, Executive Chairman Sarah Dees, Chief Operating Officer	Tel: [phone]
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Rosalind Hill Abrahams	Tel: [phone]
OvalX (Broker) Thomas Smith	Tel: [phone]

LIVE COMPANY GROUP

Live Company Group Plc ("LVCG", the "Company" or the "Group") is a live events, entertainment and sports events company, that has been trading on AIM since 2017.

The Group is divided into four divisions;  BRICKLIVE, consisting of a network of partner-driven fan-based and touring shows using BRICKLIVE created content worldwide. The Company owns the rights to BRICKLIVE - an interactive experience built around the creative ethos of the world's most popular construction toy bricks. The Group is an independent producer of BRICKLIVE and is not associated with the LEGO Group.  The second is Kpop. K.flex is Europe's first ever Mega KPOP music festival.  The third is Live Company Sports and Entertainment, which manages a number of global sports, entertainment and lifestyle events.  The fourth division is StART Art Global. StART Art Global is a combination of both physical art shows and a digital art platform.

 

END

 

 

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