Settlement Agreement

RNS Number : 4033U

Biome Technologies PLC

18 January 2017

 

18 January 2017

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

Biome Technologies plc

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

Settlement Agreement

Biome Technologies plc announces that it has signed a settlement agreement with third parties regarding legacy technology licensing arrangements involving the use of part of Biome's historic technology (the "Settlement Agreement").  Under the terms of the Settlement Agreement, Biome will receive a payment of £450,000, such payment to be received within 14 business days of signing of the Settlement Agreement.

 

Various agreements which have been in place since 2000 provided for royalties to be paid by the third parties to Biome for the use of certain Biome technologies relating to the legacy Aquasol business. The patents associated with this technology are no longer in force and, pursuant to the Settlement Agreement, Biome and the third parties have agreed to a mutual release from all obligations under the agreements.

The funds received under the Settlement Agreement will be deployed for normal business purposes.

-Ends-

For further information please contact:

Biome Technologies plc
Paul Mines, Chief Executive Officer
Declan Brown, Group Finance Director
www.biometechnologiesplc.com	Tel: [phone]
Allenby Capital
David Hart/Alex Brearley (Nominated Adviser) Chris Crawford/Kelly Gardiner (Broker)
www.allenbycapital.com	Tel: [phone]
FTI Consulting
Oliver Winters www.fticonsulting.com	Tel: [phone]

 

END

 

 

AGRGGUBUGUPMGMM