LISTED pharmacy software provider, Corum Group, has issued further information on its proposed agreement with the owners of the Pharmacy4Less Group (PD 25 Sep), detailing the conditions for the handover of shares worth almost $4 million relating to the development of a new cloud-based multi-store management system.
The share issue is based on achievement of two key milestones - half for the estimated Feb 2020 delivery of a "minimum viable product" suitable for early adopters, featuring comprehensive security features, near real-time data synchronisation and cloud-based multi-store reporting.
The second tranche will be handed over upon the finalisation of the system, described as a "sophisticated SaaS platform for enterprise multi-store management suitable for medium to large pharmacy groups".
Expected to be finished in Sep next year, this milestone will include the handover of all source code, documentation and other material so Corum can independently own, manage, support and develop the software.
The agreement is with BAMM Group Administration Pty Limited, headed up by Assad Karem and his brother Feras (pictured), who is also Senior Vice President Finance of the Pharmacy Guild of Australia NSW Branch.
Corum shareholders are being asked to vote on the proposal at the firm's upcoming Annual General Meeting in Sydney next Wed.
Shares will be issued at "nil cash consideration" and are deemed to be worth 3c each - less than half Corum's closing price yesterday.
The above article was sent to subscribers in Pharmacy Daily's issue from 13 Nov 19
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