Milestone, the AIM quoted (AIM: MSG) provider of digital media and
technology solutions, has told DirectorsTalk that it has entered into a
joint venture ("JV") agreement with Black Cactus Holdings Pty Ltd
("Black Cactus") to develop and commercialise all existing IP owned by
Black Cactus under an exclusive global licence. The JV will trade as
"Nexstar" and will be incorporated under the Company's dormant
subsidiary Nexstar League Limited.
Black Cactus has developed a number of products and services, including
digital media platforms, a "Money Over IP" payment system and other
technology solutions which it currently provides to global loyalty and
reward programmes.
Pursuant to the JV agreement, Black Cactus will provide the JV with
development capability, digital content and use of IP and Milestone will
provide creative services, business development and audience activation
services. This provides a complementary suite of products and services
to Milestone from which a number of revenue opportunities are expected.
It is also expected that the JV will assist in the Company's development
of valuable relationships and content for the Company's flagship product,
The Passion Project.
Ownership of the JV will be 51% by Milestone and 49% by Black Cactus
with a 50/50 revenue share. The new JV will give Black Cactus a UK base
and distribution partner as well as access to additional resourcing
whilst Milestone obtains an enhanced vertical product offering and
additional revenue growth opportunities.
Deborah White, CEO of Milestone, commented:
"We are delighted to complete this agreement with Black Cactus. This
deal further complements the Passion Project which now has all of the
component parts in place to Engage, Identify, Direct and Reward young
people under a single eco-system. Each of the 4 key pillars is
under-pinned by a business unit that has products in place that can be
sold through the Passion Project as well as on a standalone basis, with
significant revenue opportunities in each."
Lawrence Cummins, CEO Of Black Cactus, commented:
"Black Cactus is excited about this new joint venture to expand our
vision to provide disruptive technology to our target markets on a
global stage. Black Cactus' Backstage HD platform is an innovator in
agnostic digital content delivery and we look forward to continuing to
build our reach and portfolio."
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