WordLogic Corp. (WLGC) Sells Exclusive Licensing Rights to Legal Enterprise Solutions for $1 Million
WordLogic, an innovator of patented predictive intelligence technology solutions for mobiles, tablets and desktops, has sold the exclusive rights of its legal enterprise solutions to a Virginia-based private equity group, which has placed a non-refundable financial commitment to purchase the licensing rights. Per the agreement, the equity group will effect a one-time payment of $1 million in exchange for exclusive rights to license WordLogic technologies in North America. In addition, the group will pay to WordLogic 10% royalty on all sales as well as 15% annual software maintenance fees on all sales. WordLogic's obligation will be to provide a commercial…