Ann: Operational and fundraising update-CL8.AX, page-38

I suppose the primary focus of the announcement for everyone has been about the financial element.

However does anyone know what this deal is about, could it be one of the approved Government fleet managers looking to stay ahead of the curve and wants the online functionality? Or a major player like the mob we teamed up with at Melbourne Airport?

I really think this has more too it than first thought, basically there is an upfront fee, could be several $100,000's ( I would assume $200,000-$400,000) then an ongoing percentage of revenue/royalty.

This is pretty impressive deal, someone is paying us $$$ to set up there system and then giving us a ongoing royalty and surplus cars!!

"The licensing agreement involves the development of some additional specific functionality for the third party client to enable them to list vehicles, process bookings, manage approvals and view reporting. In addition, the licence allows for the third party vehicles to be made available for rent on the DriveMyCar platform when they are not otherwise utilised, thus increasing the available supply of vehicles to DriveMyCar customers. In recognition for the provision of the development services, DriveMyCar will earn an upfront fee for functionality development and will also receive ongoing fees as a percentage of revenue for all bookings processed by the fleet manager through the system.

This licensing agreement takes advantage of the investment already made in the DriveMyCar platform and delivers additional revenue without increasing cost of sales or any material additional ongoing expenses. Chris Noone, Collaborate Corporation CEO commented “This is a new type of deal for DriveMyCar and is significant strategically. By leveraging our existing technology platform, we derive a new revenue stream but also gain access to a larger fleet of underutilised vehicles to monetise through the DriveMyCar platform"