We refer to the MOU between TDS, a wholly owned subsidiary of TDEX, and VIZIA in relation to the joint product development and commercialization of Job Management Solutions ("JMS").
The Board of Directors of the Company wishes to announce that development of the JMS has been completed and is ready for commercialization.
Under the terms of the MOU, upon completion of development and readiness of commercialization of the JMS, TDS and VIZIA will consider a joint venture arrangement. Upon deliberation, the parties have instead mutually agreed to a vendor and reseller relationship, with TDS as the vendor and VIZIA as the reseller.
Accordingly, the arrangement and understanding pursuant to the MOU have been completed.
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