Security Matters (ASX:SMX) acquires interest in SMX Beverages JV

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Security Matters (ASX:SMX) acquires interest in SMX Beverages JV

ASX:SMX, Security Matters, Security Matters Joint Venture
Image source: © Innastok | Megapixl.com

Highlights

  • Security Matters Limited will be and Global BevCo Pty Ltd had entered a Joint Venture in 2020 for a firm – SMX Beverages Pty Ltd.  
  • Now, SMX has offered Global BevCo to acquire the remaining 50% in the Global BevCo Unit Trust. 
  • Security Matters primarily focuses on digitising physical objects on the blockchain.

 Security Matters Limited (ASX:SMX), a software firm, shared on Friday that it has offered Global BevCo to acquire the other 50% of a JV that currently features an equal partnership between SMX and Global BevCo.

Global BevCo Pty Ltd and SMX had entered into a Joint Venture Agreement dated 10 February 2020 for their 50/50 joint venture company, SMX Beverages Pty Ltd.

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As per the J.V., SMX has offered Global BevCo to acquire 50% in the Global BevCo Unit Trust, under which- 

  • SMX will make SMXB its owned subsidiary by the Global BevCo Unit Trust's interest in SMXB transferring the units in the Global BevCo Unit Trust. 
  • SMX will appoint a new trustee to Global BevCo Unit Trust as per the agreement.
  • The transaction also includes an offer of a consulting agreement to Global BevCo, including a retainer of A.U. $13,500 per month and a 5% revenue share for referred clients where retainer and referral fees are payable in six months arrears.

About Security Matters 

Security Matters is primarily focused on digitising physical objects on the blockchain to enable a circular and closed-loop economy. It has started commercialising its unique technology that uses a hidden chemical-based 'barcode' that permanently 'mark' any object using blockchain technology.

Bottomline  

This JV is likely to bring invaluable commercial experience and networks to the SMXB J.V. This will ensure the continued benefit of the firm, as BevCo will further assist SMX in commercialising its patented circular economy technology. 

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