Rarus Technologies Inc. (PINK: RARS) shares surged on Wednesday after the company announced the signing of a major agreement. RARS rose to an intra-day high of $0.59 before finishing the day 99.96% higher at $0.570 on above average volume of 54.63 million.
Rarus Technologies, which is focused on establishing an innovative business model intended to bridge cutting-edge social media and e-commerce into a marketplace, announced that it signed an Exclusive Software, Property, Technical Information and Trademark License Agreement with ThinkCorp AG for the acquisition of Zngle.com.
Zngle.com is a next-generation software platform designed to take social media to new heights. Manfred Ruf, CEO of Rarus Technologies, said that the acquisition of Zngle.com technologies marks RARS’ entry into the incredibly popular and rapidly growing social media space. Ruf expects Zngle.com to set itself apart from other established social media platforms.
Under the terms of the agreement, Rarus Technologies will pay a total license fee of $22 million over a period of five years and a 5% royalty on net sales derived from e-commerce transactions, advertising, and other uses of the licensed technologies to acquire the worldwide excusive license to all software, technical information and trademarks necessary to commercialize the Zngle.com business.
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