CORUM Group has confirmed it will no longer be issuing 63 million shares to BAMM Group Administration Pty Ltd, the company linked to Pharmacy4Less owners Feras and Assad Karem (PD 01 Jul).
The shares were part of a now-terminated deal seeing BAMM advise Corum on the development of a cloud-based Head Office pharmacy software solution.
In an ASX update on Fri, the company said the revised pact would see the remainder of the development undertaken in-house by Corum.
However "in consideration of the assignment of the development work completed to date and associated IP and the other commercial rights being granted, Corum has agreed to pay BAMM $800,000 on 31 October 2021, with three further payments of $400,000 being made annually thereafter," the company said.
BAMM affiliates will remain ongoing customers of Corum on arms-length commercial terms, the company added.
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