LIVEOFFERTMPLATFORM DEVELOPMENT TAKEN IN-HOUSE TERMINATION OF APHMASPHERE AGREEMENT
  • Development of LiveOfferTMVersion 2 taken in-house with completion on track for March 2017
  • Contract with Aphmasphere terminated, with no associated break costs
  • Prototype users indicate demand for LiveOfferTMVersion 2 will be strong
  • Launch will commence commercial revenue generation for the Company in the form of monthly license and transaction fees
10 January 2017: Property Connect Holdings Limited (ASX: PCH) ('Property Connect' or 'the Company') has terminated the Distribution and Collaboration Agreement (the 'Agreement') entered into on 14 December with its provider Aphmaspheric Pty Ltd ('Aphmasphere').

Apmasphere was engaged to develop and build new version of LiveOfferTM(LiveOfferTMVersion 2) that incorporates the social, collaboration and platform elements from Apmasphere's Halo Platform and would be offered to customers as a module on the Halo Platform.

The Agreement was conditional on the development of LiveOfferTMVersion 2 to the satisfaction by Property Connect. The termination results from this condition precedent not being met.

There are no break costs associated with the termination of the agreement, nor has Property Connect incurred any development costs under the Agreement due to the revenue share model it had agreed with Aphmasphere.

As a consequence, Property Connect has taken the development of LiveOfferTMVersion 2 in-house. The Company is on-track to deliver the solution to customers in March 2017. Initial feedback from users of the Company's LiveOfferTMprototype indicates the launch of LiveOfferTMVersion 2 will be met with strong demand.

Targeting the large and growing US multifamily rental market, LiveOfferTMVersion 2 will offer property management companies a simple SaaS solution to manage their residential leasing process, creating a real-time rental application process, which maximises rental revenue for property management companies, while optimising the rental offer process for tenants.

The launch of LiveOfferTMVersion 2 will trigger commercial revenue generation for the Company, which will earn monthly licensing fees as well as transaction fees of 1- 3% of each rental agreement executed via the platform.

Ends

For more information, please contact:

Founder and CEO Tim Manson

tim@propertyconnect.com.au

Media Queries

Harrison Polites Harrison.Polites@mcpartners.com.au

+61 409 623 618

About Property Connect

Property Connect has developed the LiveOfferTMtechnology, designed to create an easy, fair and transparent system under which potential tenants can negotiate the best offer on a rental property. Founded in 2012 and based in Los Angeles, Property Connect enables leasing agents the opportunity to secure optimal leasing terms on each property.

The company is listed on the Australian Securities Exchange (ASX:PCH). www.propertyconnect.com

Property Connect Holdings Limited published this content on 10 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 January 2017 08:53:07 UTC.

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