Australis Capital Reaches Settlement Agreement With Passport Technology and Announces Departure of Executive Chairman Scott Dowty
LAS VEGAS, Sept. 3, 2020 /PRNewswire/ – Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) (“AUSA” or the “Company”) today announced it has reached a settlement agreement (the “Settlement Agreement”) with Passport Technology Inc. (“Passport”) in respect of the termination of the share purchase agreement (the “Share Purchase Agreement”) pursuant to which the Company was to have acquired Passport. The Company also announced the departure of Executive Chairman Scott Dowty.
Under the terms of the Settlement Agreement, all obligations and entitlements of the parties, including all claims of any kind relating to the Share Purchase Agreement or its termination are fully and finally settled. AUSA will retain all fees generated from its customers, which were partially shared with Passport, and these fees will remain solely within its subsidiary Cocoon Technology LLC (“Cocoon”), while Passport acquires the Company’s full interest in Paytron, LLC. The license agreement between AUSA and Passport