Transol Corporation (ASX:TNC) has entered into a share sale agreement to dispose of its technology assets including CLTNet, CLTNet NZ, and QL(Aust) Pty Ltd.
The sale also includes any intellectual property relating to the CLT computerised theory testing systems and websites.
As part of the agreement, Transol will receive an annual licence fee of NZ$75,000 per annum from the New Zealand Transport Authority for the next two years, with possible extension for a further two years and a 10% of gross profit made from the sale of the practice tests.
It will also receive up to A$574,500 upon the purchaser realising value in the quick link business in an event such as an asset or share equity disposal.
The sale of its technology assets will enable it to focus on its gold-copper projects in the Northern Territory.
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