Paleo Resources, Inc. announces that it has entered into a Common Stock Purchase and License Agreement with Field Genie, Inc. Field Genie, Inc. is a technology service provider that uses advanced artificial intelligence techniques to deliver solutions using spatial/geo intelligence and computer vision, including real-time detection and recognition of objects and patterns.
Material terms of the agreement are as follows:
(a) | Field Genie, Inc. to provide Paleo (and its subsidiaries as directed by Paleo) technology development services during the 12 month term of the Agreement, with a focus on further development and build out of the digital investment platform of Energy Funders Resources, Paleo’s indirect wholly owned subsidiary. | |
(b) | Paleo to pay Field Genie, Inc. US$41,667.67 per month for 12 months up to a total of US$500,000, the requirement to make payments being subject to termination by Paleo for non-performance. | |
(c) | Piyush Prakash, CEO and Co-Founder of Field Genie, Inc., shall serve as CTO for Paleo for a period of 180 days, subject to extension upon reaching mutually agreeable terms for a performance-based compensation package. | |
(d) | By its performance, Paleo to earn and own a paid-up license to the background technology of Field Genie, Inc., Paleo will own the new technology developed at its request, and Paleo will earn and own up to a maximum of 50,000 common shares of Field Genie, Inc., which represents 5% of the issued and outstanding shares of Field Genie, Inc. Paleo will earn and be vested in a proportionate share of the Field Genie, Inc. stock with each installment payment. |
Paleo Resources, Inc. is an oil and natural gas and mineral exploration company headquartered in Calgary, Alberta, with executive offices in Houston, Texas. The Corporation’s common shares are listed on the TSX Venture Exchange under the trading symbol “PRE” and on the OTCQB as “PRIEF”.
For further information please contact:
Roger S. Braugh, Jr.
Interim Chief Executive Officer and Chairman of the Board
Email: rbraugh@paleooil.com
Paleo Resources, Inc.
716 S. Frio St. Suite 201
San Antonio, Texas 78207
Telephone: 254-699-0975