TORONTO, ONTARIO–(Marketwired – Nov. 2, 2015) – Grenville Strategic Royalty Corp. (TSX VENTURE:GRC) (“Grenville”) is pleased to announce that it has contracted for a gross sales royalty from Agnity Global, Inc. (“Agnity”) in exchange for an advance of $2,000,000 USD with a $750,000 USD convertible promissory note. In exchange for this advance, Grenville will receive a royalty based on Agnity’s gross revenue within Grenville’s average royalty rate of between 1% and 4%.
Based in Fremont, California, Agnity is a global technology solutions and services-company dedicated to designing, developing, and deploying application solutions that enable communications and collaboration for telecommunications and healthcare service providers. Agnity delivers business value to its clients by not only designing and delivering innovative solutions, but also by providing expertise on deployment, management and support of the solutions.
Agnity Chief Executive Officer, Sanjeev Chawla, commented, “Partnering with Grenville provides Agnity the capital to enable a next phase of growth to meet rapidly accelerating market demand for our solutions. We look forward to working with Grenville to build and strengthen our company.”
“This is a relevant investment for Grenville,” said Grenville Chief Executive Officer William Tharp. “Agnity has attracted clients that are some of the largest telecommunications and healthcare companies because of Mr. Chawla and his remarkable leadership team, and we are pleased to help facilitate the next stage of growth for the company. This investment is a solid defensive addition to Grenville’s balanced and diversified portfolio that works to benefit our shareholders.”
Following this transaction, Grenville has approximately $26.1 million of capital available for investments.
About Agnity
Agnity is a global application solutions and technology services company dedicated to helping businesses, network equipment manufacturers, and service providers by designing, developing, and deploying application solutions. With locations in Silicon Valley, Richardson Texas, Toronto, Canada, and Noida India, AGNITY is a unique company providing global support exclusively on application design, solution development, and application migration and deployment.
About Grenville
Based in Toronto, Grenville Strategic Royalty Corp. is a publicly-traded royalty company that makes investments in established businesses with revenues of up to $50 million dollars. Grenville generates revenues from royalty payments and buyouts from contracts. The non-dilutive royalty financing structure offered by Grenville competes directly with traditional equity to meet the long-term financing needs of companies on more attractive commercial terms. To date, Grenville has announced cash inflows of $19.7 million from $47.4 million invested in the two years since its inception.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
