RC365 Holding PLC (LSE:RCGH) has inked a non-binding letter of intent (LOI) with US-based YouneeqAI Technical Services Inc, granting RC365 exclusive rights to YouneeqAI's AI-driven cookieless personalisation platform in the UK.
Under the terms of the LOI, YouneeqAI will:
- Grant RC365 exclusive UK rights to its platform, with an option to acquire additional territories
- Supply marketing materials, training, and maintenance support for the platform
- Receive payment through the issuance of 6,000,000 new ordinary shares in RC365
- Half of these shares will be issued upon signing the acquisition agreement, with the remainder due by 29 February 2024
- Earn cash consideration equivalent to 1% of revenues (excluding VAT) generated from the platform's use by RC365
The 10-year agreement is expected to be signed by the end of October.
Youneeq has more than a decade of experience in providing AI and big data analytics support to different businesses, which RC365’s board believes will help the company to enter the blockchain and Web3 space over time.
"We are delighted to be pursuing an agreement with YouneeqAI," stated Chi Kit Law (Michael), executive director and chief executive of RC365. "We look forward to working towards progressing a final agreement to support the growth objectives of RC365."
RC365 will release further details upon the agreement's final signing.