February 20, 2018 / 9:32 PM / 6 months ago

BRIEF-Sito Mobile Announces Termination Of IP Revenue Sharing Agreement And Settlement Of Related Litigation

Feb 20 (Reuters) - Sito Mobile Ltd:

* SITO MOBILE ANNOUNCES TERMINATION OF IP REVENUE SHARING AGREEMENT AND SETTLEMENT OF RELATED LITIGATION

* SITO MOBILE - ‍ENTERED INTO SETTLEMENT DEAL AND MUTUAL RELEASE WITH TAR SITO LENDCO LLC, JULIAN SINGER, KAREN SINGER & GARY SINGER​

* SITO MOBILE LTD - ‍ REVENUE SHARING AND NOTE PURCHASE AGREEMENT IS BEING TERMINATED IN EXCHANGE FOR A ONE-TIME PAYMENT BY SITO TO TAR GROUP OF $3.5 MILLION​

* SITO MOBILE - ‍PENDING LITIGATION BETWEEN SITO, CERTAIN OF UNITS & TAR GROUP RELATING TO IP REVENUE SHARING DEAL TO BE DISMISSED​

* SITO MOBILE LTD - ‍ CO, UNIT, MEMBERS OF TAR GROUP AND AFFILIATES, TO RELEASE EACH OTHER FROM ANY AND ALL CLAIMS CO OR THEY HAVE, HAD OR MAY HAVE

* SITO MOBILE - ‍ FOR 5 YRS, MEMBERS OF TAR GROUP WILL NOT ACQUIRE OR SELL CO'S SECURITIES, NOMINATE A PERSON FOR ELECTION TO BOARD​

* SITO MOBILE LTD - ‍ PORTION OF PROCEEDS OF ANNOUNCED OFFERING OF COMMON STOCK TO BE USED TO FUND PAYMENT UNDER SETTLEMENT AGREEMENT​

* SITO MOBILE LTD - ‍PAYMENT UNDER SETTLEMENT AGREEMENT WILL BE EXPENSED BY COMPANY IN ITS Q1 2018 FINANCIAL STATEMENTS​ Source text for Eikon: Further company coverage:

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