SITO Receives $550,000 Payment
JERSEY CITY, N.J., Dec. 9, 2015 -- SITO Mobile Ltd. (NASDAQ:SITO), a leading mobile engagement platform, today announced an amendment to its patent licensing agreement with Zoove Corporation. Under the amended agreement, which was signed December 4, 2015, SITO Mobile received a payment of $550,000 which consisted of $100,000 in exchange for an amendment to the original licensing agreement and the acceleration of the remaining payments due to SITO Mobile under the original agreement which totaled $450,000.
"Receipt of this prepayment strengthens our balance sheet cash position as we close calendar year 2015," said Jerry Hug, CEO of SITO Mobile. "This cash influx, combined with our strong current quarter revenue bookings, full-year growth projections, and positive EBITDA outlook, provides us with greater financial flexibility as we enter 2016." Mr. Hug added, "This deal, along with a licensing agreement with a prominent national television broadcaster via our VideoStar entity, demonstrates SITO Mobile's success in the early stages of monetizing our intellectual property. In 2016, monetization will become a priority across our diverse IP portfolio which now totals 22 patents."
About SITO Mobile Ltd.
SITO Mobile provides a mobile engagement platform that enables brands to increase awareness, loyalty, and ultimately sales. For more information visit www.sitomobile.com.
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