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FT8 plc (GFT)

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Monday 21 September, 2015

FT8 plc

Execution of MOU

18 September 2015
FT8 plc
("FT8" or the "Company")
 
Execution of Memorandum of Understanding
 
FT8 announces today that is has entered into a legally binding Memorandum of Understanding with the shareholders of PayMyProvider LLC to acquire up to 15% of the equity of Pay My Provider LLC, a Delaware company that will market innovative products involving the U.S. healthcare industry for consideration of US$ 200,000 (£128,221) and the grant of distribution rights over intellectual property owned and developed by FT8. The consideration of £128,221 will be satisfied by the issue of approximately 12,822,100 Ordinary Shares in FT8 shares at 1p. It is anticipated that these shares will be issued on or around 15 October 2015, and a further announcement will be made in due course when those shares are issued and the transaction completes.

Pay My Provider LLC is a newly-formed company that is beneficially-owned by two industry veterans who average at least twenty five years of relevant industry experience. Pay My Provider LLC is a newly-formed entity therefore it has no turnover or profits and no audited financial statements, but at the last unaudited management accounts, dated September 2015, it had gross assets of US$250,000. The key assets are the relationships that the current owners of Pay My Provider LLC have generated.

The FT8-developed technology rights facilitate the payment and disbursement of employee benefits involving point-of-care providers and major insurance carriers. Pay My Provider LLC forecasts the servicing of up to 100,000 participants in the initial six months of operation after activating the technology licencing rights. It is currently anticipated that this period will commence during or before the end of the first quarter of 2016. These services may be offered to licensed third-party administrators (TPAs) that administer claims for voluntary employee benefits programs with major insurance carriers with A+ ratings.

For further enquiries:
Sean McShane, Ezybonds (UK) plc       +18 172 718 169
Katy Mitchell, WH Ireland Limited     +44 161 832 2174

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