DIRTT enters co-ownership of ICE software IP with Armstrong World Industries for $11M

DIRTT ENVIRONMENTAL SOLUTIONS LTD

Partial assignment of 50% interest in ICE software IP to AWI for $10M cash upfront; additional $1M upon knowledge transfer expected early 2024.
Amended Master Services Agreement includes prepaid development services; terminates if co-ownership ends.
Partnership expected to provide resources and investment for ICE software and new commercial opportunities.
AWI, a leader in ceiling solutions, will use ICE for its ProjectWorks service.

item 1.01 item 2.02 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

DIRTT ENVIRONMENTAL SOLUTIONS LTD reported financial results for the three month period ended March 31, 2023.

Period: the three month period ended March 31, 2023
Result: reported results

Exact text from the filing

On May 9, 2023, the Company issued a press release announcing its financial results for the three month period ended March 31, 2023.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

DIRTT ENVIRONMENTAL SOLUTIONS LTD entered into Partial Patent Assignment Agreement with Armstrong World Industries, Inc. valued at $10 million (effective 2023-05-09).

Action: entry
Counterparty: Armstrong World Industries, Inc.
Value: $10 million
Effective: 2023-05-09

Exact text from the filing

On May 9, 2023, DIRTT Environmental Solutions Ltd. (the “Company”) entered into a Partial Patent Assignment Agreement (“Partial Patent Assignment Agreement”) and a Co-Ownership Agreement (“Co-Ownership Agreement”) with Armstrong World Industries, Inc. (“AWI”). The agreements provide for the partial assignment to AWI and co-ownership of an undivided 50% interest in certain intellectual property rights (including related patents) in a portion of the Company’s ICE software that is used by AWI (the “Applicable ICE Code”), in exchange for a cash payment of $10 million.

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Source: SEC EDGAR

accession 0001193125-23-139518

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