AS-IP Tech Inc (IPTK)

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Item 1.01 Entry into a Material Definitive Agreement.
On March 11, 2020, AS-IP Tech, Inc. (ASIP) entered into a Heads of Agreement to supply its fflya system to WIZZ Air Hungary Airlines Limited (WIZZ).

Under the fflya program, ASIP provides an integrated in-flight ultra low cost connectivity solution, utilising the latest Iridium Next Low Earth Orbit (LEO) satellite constellation, onboard Bluetooth network, text Chatbots and embedded app technology.

With fflya, passengers are provided with free inflight text chat and interactive promotions.

Under the terms of the agreement, a fflya system will be installed on one WIZZ aircraft in Q2 2020 for certification and program formulation, and on a second aircraft in Q3 2020, for passenger and operational evaluation. On completion of the evaluations, WIZZ will have the option to negotiate a Final Agreement with ASIP for a minimum term of three years.