GO1 offered to acquire customer contracts from Velpic Limited (ASX:VPC) for AUD 2.4 million on July 13, 2018. Velpic Limited agreed to sell customer contracts to GO1. As per the terms of consideration-a) The consideration for the proposed transaction is the total annual revenue received by the GO1 from the date of Completion from all Velpic’s platform clients over the three years following the date of Completion capped at the current contract value of those customers per year as at the date of the agreement, (b) The Consideration is payable Quarterly at the end of each calendar quarter after the Revenue is earned; and (c) Notwithstanding (b) above, the GO1 has the right to pay out any remaining Consideration by making a one-off cash payment at any time to Velpic of an amount agreed with Velpic, equal to the expected or budgeted Revenue to be received from the Key Clients. Velpic Limited anticipates that the value of the Consideration is around AUD 2.4 million. The core staff will be retained by Velpic Limited to manage the Dash Digital and Now Force businesses, with any additional staff needed contracted back to Velpic Limited. The transaction is subject to approval of shareholders of Velpic Limited, regulatory approval and other conditions. The transaction is expected to close on August 29, 2018.