AppTech terminates $2.2M strategic partnership with Infinios, pivots to proprietary tech

AppTech Payments Corp.

Terminated Restated Agreements with Infinios; effective termination date under negotiation.
Gross total fees of $2.2M under agreements; ongoing maintenance and support fees eliminated.
Company will use its own proprietary technology for its CommerseTM Platform.
New partnership with Nasdaq-listed Nuvei to support GTM strategy in North America.
Exploring additional partnerships for BaaS solutions including peer-to-peer remittance.

item 1.02

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AppTech Payments Corp. terminated Restated Agreements with Infinios Financial Services BSC valued at $2.2 million.

Action: termination
Agreement: license
Counterparty: Infinios Financial Services BSC
Value: $2.2 million

Exact text from the filing

As of the Termination Date, the Restated Agreements will be terminated in their entirety and Infinios will not be entitled to any annual maintenance subscription fee or infrastructure support fee from the Company.

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Source: SEC EDGAR

accession 0001683168-23-003963

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