VANCOUVER BC / TheNewswire / May 31, 2017 — Eight Solutions Inc. (TSXV:ES) (“Eight Solutions” or the “Company”) is pleased to announce it has closed the sale of its 3D Technology (the “Transaction”) to Prime Focus Limited ("Prime Focus") and terminated its prior licensing agreement with Prime Focus.

At the Company’s special and annual general meeting held on May 30, 2017, 97% of the Company’s shareholders voted in favour to approve the sale of its 3D technology to Prime Focus.   The TSX Venture Exchange has also approved the Transaction.

On May 1, 2017, Eight Solutions signed an Asset Purchase Agreement (“APA”) and a Technology Support Agreement (“TSA”) with Gener8 Digital Media Services Ltd., a subsidiary of Prime Focus. The APA and TSA were signed in connection with the Technology License Termination Agreement signed on March 31, 2017 between the Company and Prime Focus.  Upon completing the Transaction, Eight Solutions received $2 million for the sale of its 3D conversion technology and $3 million for terminating its original license agreement. Of the total $5 million, the Company received $2 million prior to the closing date and $3 million on May 30, 2017. The TSA is an 18 month agreement totaling approximately $810,000 with an option for Prime Focus to renew for further one year terms.  Please refer to the information circular for full details of the Transaction.

 “I’m thrilled to close this transaction with Prime Focus. Divesting our conversion technology is the right decision. It gives us the capital and band width to 100% focus on Cumul8 development and sales,” says Rory Armes, CEO, “The shareholders spoke and 97% supported us in our focused approach to dominating big data. We are also very pleased to see our 3D technology go to such a good home in Prime Focus. Over the years our partnership has flourished and we look forward to it continuing.”

About Eight Solutions

Eight Solutions is a technology company led by a team of video game industry veterans. Eight Solutions’ flagship product is Cumul8, a data analytics and visualization solution. Cumul8 works with any type of data source to help people and companies understand, collaborate, and make better decisions with data. Eight Solutions’ portfolio includes an award-winning 3D software technology licensed to the film industry; and Reelhouse, a unique video-on-demand platform that allows filmmakers to distribute their content directly to users. For more information, visit www.eightsolutions.com.

On Behalf of the Board of Directors

“Rory Armes”
Rory Armes
Chief Executive Officer, President and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements

Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. In particular, forward-looking statements in this press release include, but are not limited to, statements respecting the use of proceeds and the terms and closing of the transaction. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable; there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation, risks with respect to: closing the definitive agreements respecting the transaction, obtaining all regulatory and third party consents, obtaining the requisite shareholder approvals for the transaction, our ability to hire and retain qualified employees and key management personnel; possibility that government policies or laws may change; amount and timing of operating costs and capital expenditures; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to acquisitions and international expansion; reliance on large customers; reliance on a limited number of suppliers; risks related to the Company’s competition; the Company’s failure to adequately protect its intellectual property; interruption or failure of information technology systems; the risk that the transaction may not be completed as planned, or at all; and business, legal and/or regulatory risks relating to the Company's business, financings and strategic acquisitions. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

 

For more Information, please contact:
Investor Relations
investor.relations@eightsolutions.com
Suite 100, 138 East 7th Avenue
Vancouver, British Columbia, V5T 1M6