Scryb Announces Sale of its Joint Venture Interest in Fionet Rapid Response Group for CAD$3.5 million plus a Royalty
Scryb Inc. (CSE: SCYB, OTCQB: SCYRF) has sold its joint venture interest in Fionet Rapid Response Group (FRR Group) to a private corporate development company for CAD$3.5 million plus a 3% royalty on net revenue until December 31, 2025. The transaction, completed on December 6, 2024, includes quarterly fixed payments through August 15, 2025, with an initial $800,000 payment at closing.
FRR Group, known for developing mobile software platforms for community-level healthcare, has successfully implemented its technology nationally in an African country. The acquirer plans to expand operations to other African nations. Scryb retains rights to use FRR Group's technology for non-competitive projects.
Additionally, W. Clark Kent has resigned as President of Scryb but will continue providing capital markets consulting services.
Scryb Inc. (CSE: SCYB, OTCQB: SCYRF) ha venduto il suo interesse nella joint venture con Fionet Rapid Response Group (Gruppo FRR) a una società di sviluppo aziendale privata per 3,5 milioni di CAD più una royalty del 3% sui ricavi netti fino al 31 dicembre 2025. La transazione, completata il 6 dicembre 2024, prevede pagamenti fissi trimestrali fino al 15 agosto 2025, con un pagamento iniziale di 800.000 dollari al momento della chiusura.
Il Gruppo FRR, noto per lo sviluppo di piattaforme software mobili per la sanità a livello comunitario, ha implementato con successo la sua tecnologia a livello nazionale in un paese africano. L'acquirente prevede di espandere le operazioni in altre nazioni africane. Scryb mantiene i diritti di utilizzare la tecnologia del Gruppo FRR per progetti non competitivi.
In aggiunta, W. Clark Kent si è dimesso dalla carica di Presidente di Scryb ma continuerà a fornire servizi di consulenza sui mercati dei capitali.
Scryb Inc. (CSE: SCYB, OTCQB: SCYRF) ha vendido su interés en la empresa conjunta con Fionet Rapid Response Group (Grupo FRR) a una empresa privada de desarrollo corporativo por 3.5 millones de CAD más un royalty del 3% sobre los ingresos netos hasta el 31 de diciembre de 2025. La transacción, completada el 6 de diciembre de 2024, incluye pagos fijos trimestrales hasta el 15 de agosto de 2025, con un pago inicial de 800,000 dólares en el cierre.
El Grupo FRR, conocido por desarrollar plataformas de software móvil para atención médica a nivel comunitario, ha implementado con éxito su tecnología a nivel nacional en un país africano. El comprador planea expandir operaciones a otras naciones africanas. Scryb retiene derechos para usar la tecnología del Grupo FRR en proyectos no competitivos.
Además, W. Clark Kent ha renunciado como Presidente de Scryb, pero continuará brindando servicios de consultoría en mercados de capitales.
Scryb Inc. (CSE: SCYB, OTCQB: SCYRF)는 Fionet Rapid Response Group (FRR 그룹)과의 합작투자 지분을 민간 기업 개발 회사에 350만 CAD에 판매하였으며, 2025년 12월 31일까지 순수익의 3%를 로열티로 받기로 하였습니다. 이 거래는 2024년 12월 6일에 완료되었으며, 2025년 8월 15일까지 분기별 고정 지급금이 포함되어 있으며, 거래 체결시 최초 80만 달러가 지급됩니다.
FRR 그룹은 지역 사회 의료용 모바일 소프트웨어 플랫폼을 개발하는 것으로 잘 알려져 있으며, 아프리카의 한 나라에서 기술을 성공적으로 구현하였습니다. 인수자는 다른 아프리카 국가로 사업을 확장할 계획입니다. Scryb는 비경쟁적인 프로젝트에 대해 FRR 그룹의 기술을 사용할 권리를 유지합니다.
추가로, W. Clark Kent는 Scryb의 사장직에서 사임하였지만, 계속해서 자본 시장 컨설팅 서비스를 제공할 것입니다.
Scryb Inc. (CSE: SCYB, OTCQB: SCYRF) a vendu son intérêt dans la coentreprise avec Fionet Rapid Response Group (Groupe FRR) à une société de développement privé pour 3,5 millions CAD plus un pourcentage de 3 % sur les revenus nets jusqu'au 31 décembre 2025. La transaction, achevée le 6 décembre 2024, comprend des paiements fixes trimestriels jusqu'au 15 août 2025, avec un paiement initial de 800 000 dollars à la clôture.
Le Groupe FRR, connu pour le développement de plateformes logicielles mobiles pour les soins de santé communautaires, a réussi à mettre en œuvre sa technologie à l'échelle nationale dans un pays africain. L'acquéreur prévoit d'étendre ses opérations à d'autres pays africains. Scryb conserve les droits d'utilisation de la technologie du Groupe FRR pour des projets non concurrentiels.
De plus, W. Clark Kent a démissionné de son poste de Président de Scryb, mais continuera à fournir des services de conseil en marchés de capitaux.
Scryb Inc. (CSE: SCYB, OTCQB: SCYRF) hat seinen Anteil an dem Joint Venture mit Fionet Rapid Response Group (FRR-Gruppe) an ein privates Unternehmensentwicklungsunternehmen für 3,5 Millionen CAD verkauft, zzgl. einer Lizenzgebühr von 3 % auf die Nettoumsätze bis zum 31. Dezember 2025. Die Transaktion, die am 6. Dezember 2024 abgeschlossen wurde, umfasst vierteljährliche Festzahlungen bis zum 15. August 2025, mit einer anfänglichen Zahlung von 800.000 Dollar bei Abschluss.
Die FRR-Gruppe, die für die Entwicklung mobiler Softwareplattformen für die Gesundheitsversorgung auf Gemeindeebene bekannt ist, hat ihre Technologie erfolgreich in einem afrikanischen Land national umgesetzt. Der Erwerber plant, die Geschäfte in andere afrikanische Staaten auszudehnen. Scryb behält die Rechte zur Nutzung der Technologie der FRR-Gruppe für nicht wettbewerbsrechtliche Projekte.
Zusätzlich hat W. Clark Kent als Präsident von Scryb zurückgetreten, wird jedoch weiterhin Beratungsdienste im Bereich Kapitalmärkte anbieten.
- Sale of joint venture interest for CAD$3.5 million with additional 3% royalty stream
- Immediate cash injection of $800,000 at closing
- Retained rights to use FRR Group's technology for non-competitive projects
- Loss of ownership in potentially valuable healthcare technology venture
- Extended payment schedule through August 2025 instead of immediate full payment
- royalty duration until December 31, 2025
Toronto, Ontario--(Newsfile Corp. - December 9, 2024) - Scryb Inc. (CSE: SCYB) (OTCQB: SCYRF) (FSE: EIY) ("Scryb'' or the "Company") is pleased to announce that on December 6, 2024, it completed a transaction (the "Transaction") to sell its joint venture interest in Fionet Rapid Response Group Inc. ("FRR Group") to a private corporate development company ("Acquirer").
FRR Group is a recognized developer and marketer of a mobile software platform for delivering primary healthcare at the community level. FRR Group's technology is developed and now being implemented on a national scale in one country in Africa. Scryb has been part of the process to develop this successful and now fully implemented technology. Following the acquisition, the Acquirer intends to accelerate the scale-up of business operations to other countries, particularly in Africa.
Scryb is proud of the technology contributions it made to help the FRR Group get to where it is today but believes that the capital to be received from the Transaction is better deployed directly by Scryb on other projects. Scryb will also be free to use technology developed by FRR Group on other potential projects, so long as they are not competitive to the business endeavors of the FRR Group.
Scryb wishes FRR Group team members all the best in their next phase of growth.
Material Terms of Transaction
The total fixed proceeds that are payable to Scryb under the Transaction will be CAD
Background of FRR - Innovative Technology & Approach
At the outbreak of COVID-19, FRR Group saw an opportunity to utilize its resources and expertise to tackle the most challenging pandemic testing. Within five months of Scryb signing a Memorandum of Understanding (MOU), together they successfully demonstrated a high-throughput rapid diagnostic testing (RDT) platform capable of processing 60 patients per hour at a single workstation. This platform was deployed at Toronto-Pearson International Airport, where it brought wait-times for departing flights down from 4 hours to under an hour. Following this deployment, FRR Group signed an agreement with LifeLabs to implement COVID-19 rapid diagnostic testing services. Scryb notably integrated its medical device and AI capabilities into the FRR testing platform to enhance its functionality and efficiency.
The Company also announces that W. Clark Kent has resigned from his role as President of Scryb. Mr. Kent will continue to support the business by providing consulting services relating to the capital markets. The Company would like to thank Mr. Kent for his several years of service as President and as a director.
About Scryb Inc.
Scryb specializes in building and scaling technologies ventures in applied AI, digital health, cybersecurity, and biotech. Its portfolio includes Cybeats Technologies Corp., a cybersecurity leader where Scryb maintains a significant ownership stake. For more information, visit http://scryb.ai.
Contact:
James Van Staveren, CEO
Phone: 647-872-9982
Email: info@scryb.ai
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is 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" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at https://www.sedarplus.ca/
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/232960
FAQ
How much did Scryb (SCYRF) sell its FRR Group joint venture interest for?
When will Scryb (SCYRF) receive the payment for the FRR Group sale?
Can Scryb (SCYRF) still use FRR Group's technology after the sale?
