Appiphany Signs Revenue Sharing Agreement
KELOWNA, BC, Aug. 20, 2013 /PRNewswire/ - Appiphany Technologies Holdings Corp. ("Appiphany") (OTCBB:APHD) is pleased to announce that it has signed a Revenue Sharing Agreement (the "Agreement") with Rangemore Film Productions ("Rangemore"). The total value of the agreement is approximately USD$350,000.
Under the terms of the Agreement, Rangemore has the right to purchase from Appiphany up to 10% of the net revenue generated by the first ten episodes of the MMA Animals TM cartoon series. The royalties will be purchased by Rangemore using cash and stock. The revenue defined in the agreement includes: World Wide box office receipts, DVD sales, Pay-Per-View revenue, television syndication and licensing fees, revenue generated by internet downloads, and any fees paid by airlines. The term of the royalty is ten years from the date of original purchase. The total value of the agreement is approximately USD$350,000 or USD$35,000 per episode and the funds will be used to develop the cartoon series.
MMA Animals TM is the world's first kid's brand based on the sport of mixed martial arts. Each of the member of the MMA Animals TM family will specialize in a specific discipline such as: Karate, Judo, Wrestling, Jiu Jitsu, Sambo, Mauy Thai, Tae Kwon Do. Each episode the series will be written with the intent of teaching viewers values and life lessons while keeping them engaged and entertained. Appiphany will continue to release new characters along with downloadable interactive games and stories as the brand develops.
About Appiphany Technology Holdings Corp.
Appiphany Technologies commenced operations in June of 2009. The scope of the business is based around the use of new technologies in the consumer market. Appiphany intends on diversifying its involvement in the various industries where technologies blend with entertainment. The evolution of the Company will be integrating third-party accessories to function with applications in the toys to life category. We aim to maximize user experience while exploring the innovative technological possibilities of today.
Currently our focus is on developing the MMA Animals TM the worlds first children's mixed martial arts brand. Appiphany is a Development Stage Company, as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915, Development Stage Entities, and has not yet generated significant revenues from their intended business activities.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Appiphany's filings with the SEC which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
SOURCE Appiphany Technologies Holding Corp.