Live Company Group PLC (AIM:LVCG) announced an additional licence agreement with Jason Lee Byoung Goo for the use of StART Art in an art-based blockchain product, referred to as Coin.
Under the terms of the agreement, an annual licence fee of £500,0000 is to be paid by Lee to Live Company on 1 August in each year of the term, according to a Live Company statement,
The fee will be split between £300,000 in cash, while the remaining £200,000 will be paid in cash or Coin, at the discretion of the AIM-quoted company.
The licence will be owned by a new Korean company currently in the process of being set up by Lee.
Live Company said that several warranties are present within the agreement, which include full protection from the licensee against all liabilities, costs, and losses both direct and indirect to Live Company.
Live Company has also agreed to provide a business plan for the art-based blockchain product, Coin, as well as legal opinions in different jurisdictions.
Lee already owns an existing licence agreement with Live Company for StART Korea, having completed the first art fair in Seoul last year.
Live Company said executive chairman David Ciclitira and senior non-executive Ranjit Murugason have yet to receive the £300,000 and £200,000 that were payable on 31 December 2022 and relate to the acquisition of StART Art Global Limited.