11th Sep 2019 18:09
(Alliance News) - Water Intelligence PLC on Wednesday announced an investment and licencing partnership deal with soon-to-be-formed Entertainment AI PLC, currently named Blockchain Worldwide PLC.
Shares in Water Intelligence closed down 7.3% at 285.00 pence in London.
Earlier on Wednesday, Blockchain Worldwide PLC reported it is buying artificial intelligence firms Entertainment AI Inc, GTChannel Inc and Tagasauris Inc for a total all-share consideration of GBP12.9 million. The trio of firms - known as the Entertainment AI Group - are involved in data analytics and artificial intelligence services.
Blockchain Worldwide also reported it would change its name to Entertainment AI PLC on closing the acquisition, and launched a GBP8.6 million share placing.
Later on Wednesday, leak detection and remediation firm Water Intelligence said it will invest GBP415,000 in Entertainment AI PLC as part of the placing once the newly-named enlarged firm is admitted to AIM.
As part of the investment, Water Intelligence will grant a royalty-free global licence to Entertainment AI "for the field of use of sustainability and home services audiences in respect of water and infrastructure".
Under the deal, Water Intelligence will obtain rights - including a board observer and information rights - provided it holds at least a 2% stake in Entertainment AI.
Sumitomo Corporation of Japan will also be a strategic investor and have a preferred licence.
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