Genifi inc. announced that it has licensed its IDVerifact digital identity platform (the "Platform") to an arm's length third party (the "Licensor"). Under the terms of the agreement, signed October 11, 2023, genifi will be entitled to receive 100% of the licensing fees received from certain pre-existing potential customers who use the Platform, and it will be entitled to receive 75% of all licensing fees for all other customers using the Platform. The Company will control all terms and pricing for customers using the IDVerifact platform.

The Licensor will be responsible for providing customers with consulting and support and will be entitled to receive all fees arising from such activities. The Licensor will also be responsible for all costs associated with the sales, delivery, implementation and operation of the Platform for all customers. The licensing agreement, which is effective September 25, 2023 has an initial term of five years and may be renewed for additional five year terms. In connection with the execution of the licensing agreement the Licensor has retained five employees, including George Colwell, formerly genifi SVP of the IDVerifact Platform, and one consultant of the Company.