Milestone (AIM:MSG), the AIM quoted provider of digital media and technology, notifies shareholders that it has signed a Memorandum of Understanding with Seed Media Limited and Martin Heath to enter into a joint venture agreement (the "Joint Venture").
The purpose of the Joint Venture is to produce payment processing and intellectual property solutions initially within the Media industry utilising a combination of private and public blockchain technologies. The backbone of the solution will be based upon proven Mutual Distributed Ledger ("MDL") technology platforms provided by Z/Yen Group Limited ("Z/Yen") and will utilise the expertise of Global Currency Exchange Network Ltd ("GCEN") with regards to currency transactions. The JV will also license marketing and analytical technologies from Seed Media Ltd. Both Z/Yen and GCEN have issued signed Letters of Intent with respect to the project.
Martin Heath has a long-standing pedigree in the music industry, providing unique insight into the issues around royalty payments, IP protection and artists' rights.
Milestone Group will own 50.5% of the Joint Venture, the remainder owned by Martin Heath and Seed Media Ltd. Milestone will receive 50% of any net revenue generated.
Further announcements will be made in due course.
Tony Sanders CEO of Milestone commented:
"We are pleased to have come to this agreement with Martin Heath and Seed Media as this supports our revised strategy of fintech and media solutions, the initial project covering both verticals. Overall the JV complements the existing products and services offered by our relationships. "
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Tony Sanders (Chief Executive Officer).
For further information:
Milestone Group PLC
Tel: 020 7929 7826
Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray/Sandy Jamieson
Tel: 020 7213 0880
Hybridan LLP, Broker
Claire Louise Noyce
Tel: 020 3764 2341
Walbrook PR Limited, PR
Gary Middleton / Paul Cornelius
Tel: 020 7933 8780