Spooz Sells SWARM License for $1.5 Million
- 9/26/2007
Chicago, IL – September 26, 2007 -- Spooz, Inc. (OTC: SPZI), announced today that it has sold to 141 Capital, Inc., by an assignment of an existing license held by 141 Futures, LLC, the exclusive license to trade its Statistically Weighted Arbitrage Recognition Model (SWARM) in the futures and derivatives markets for $1.5 million plus other consideration. Under the terms of the agreement 141 Capital, Inc., will make three consecutive quarterly installments of $500,000 beginning in the fourth quarter 2007. Spooz will account for these installments as revenue.
As additional consideration for the license, 141 Capital will pay to Spooz 7% of its net profits generated from trading operations that employ SWARM and any trading systems developed in the future that are derived from the SWARM technology. 141 will also issue 120 million shares of its common stock to Spooz.
“We believe the sponsorship of 141 Capital together with the sale of this license add significant value to the equity ownership of our shareholders in numerous ways,” stated Paul Strickland the Spooz CEO. “Spooz will have the benefit of posting a minimum of $500,000 in anticipated revenue during each of the next three quarters; the transaction establishes a recurring revenue stream; our shareholders are provided diversification; and certain compliance risks associated with trading public funds become manageable.”
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