August 28, 2017
Glance and Active Pay enter into $1M licensing agreement
VANCOUVER -- Glance Technologies Inc. is pleased to announce that it has agreed to license its mobile payment technology to Active Pay Distribution Inc. for $1,000,000, marking Glance's entry into the fitness and wellness market.
Pursuant to the deal, Glance Pay will create and provide the technology backbone for the Active Pay app which will serve the growing fitness and wellness community. The app will be named Active Pay and be uniquely branded as Active Pay but will be labeled as "powered by Glance Pay". Merchants and users who sign up for the Active Pay app will also be included in the Glance Pay app. In addition to the $1 million license fee, Glance will receive a processing fee for transactions and a percentage of revenues generated through the Active Pay app.
"There is a new way of doing business in the fitness industry which revolves around fintech, mobile and social media, said Isadora Melo, international fitness star, author and Active Pay CEO. "We are going to gather the best in the fitness industry in one place - Active Pay, and create a reliable destination to choose and purchase fitness and wellness products and services."
According to the Global Wellness Institute, the global wellness industry is estimated at $3.7 trillion dollars. According to Women's Marketing, it is dominated mostly by beauty and anti-aging product sales, followed by fitness and mind + body exercise and healthy eating, nutrition and weight loss sales. Online at http://www.womensmarketing.com/blog/2014/11/health-and-wellness-market/
"This licensing model is very similar to the deal we signed in June 2017 with Cannapay Financial Inc. which allows us to access the growing Cannabis industry," says Penny Green, Glance president & COO, "our licensing deal with Active Pay allows Glance Pay to access the growing fitness and wellness industries and provides us with significant revenue. We intend to continue to expand Glance Pay through additional licensing agreements in other verticals."
Pursuant to the licence agreement, Glance grants to Active Pay a non-exclusive, worldwide licence to use Glance's mobile payment processing platform and its proven anti-fraud technology, for legal business to business and business to consumer mobile payments in the fitness and wellness industries. The licence will have an initial term of 1 year and will be renewable for up to 99 additional 1 year periods. As consideration for the licence, Active Pay will pay to Glance an initial fee of $800,000, due 6 months after the date of the licence agreement and payable by the issuance of 3,200,000 common shares of Active Pay at a price of $0.25 per share. Active Pay will also pay Glance a fee of $100,000, due 2 months after the date of the licence agreement for creating a promotional package in the Glance Pay App, payable by the issuance to Glance of 1,000,000 common shares at a price of $0.10 per share, and a second fee of $100,000, due 6 months after the date of the licence agreement for a 12-month advertising package through Glance, payable by the issuance to Glance of 400,000 common shares at a price of $0.25 per share. Once Active Pay's app is live, Active Pay will begin to pay Glance a monthly royalty equal to 10% of all revenue Active Pay receives through its app.