RNS Number : 3991G
Altitude Group PLC
05 August 2016
Altitude Group plc
("Altitude" or the "Group")
Technology Partnership Agreement
Altitude Group plc, the provider of innovative technology solutions for small to medium sized businesses, is pleased to announce that its wholly owned subsidiary, Customer Focus Software Inc., has agreed a five-year agreement with Philadelphia, PA based AI Mastermind, a leading buying group serving more than 1,000 promotional product resellers representing over $200 million in annual sales in North America (the "Agreement")
Under the terms of the Agreement, Altitude will provide each AI Mastermind member with an ecommerce website that uses the Group's unique proprietary technology. Altitude will receive a share of the gross margin on all orders that are processed through the platform.
The Agreement is for an initial five-year term, with automatic renewal for a further five years. The Directors expect the first customers to be live by October 2016 and the deal to be earnings enhancing from launch.
Peter Hallett, Non-Executive Chairman of Altitude, said "AI Mastermind is one of the fastest growing and highly respected buying groups in the $22 billion personalised product industry within the USA. This agreement further validates our decision to focus on sharing of revenue throughput. It gives Altitude access to 1,000 customers for an extremely low acquisition cost, and delivers our unique click to shiptm technology to them instantly."
Jamie Coggeshall, President and AI Mastermind, said, "We are delighted to offer this new solution to our members. We have partnered with Customer Focus on their order management solutions for the last three years and are delighted to now be able to offer this superb new ecommerce website solution that will allow our members easy access to the fastest buying channel. AI Mastermind members already enjoy incredible value for a low monthly fee and they now get the best online shopping experience in the world for no extra charge."
Altitude Group plc
Peter J Hallett (Non-Executive Chairman)
Tel: 07887 987469
WH Ireland Limited (Nominated Adviser and Broker)
Tel: 0113 394 6600
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