22 January 2016
FT8 Plc
("FT8")
Execution of an Investment and Subscription Agreement
FT8 LLC, a newly-formed and wholly-owned subsidiary of FT8 Plc, announces the
execution of an Investment and Subscription Agreement with BIPS Technologies
LLC, a U.S. company owned by Robert Fleury.
The Agreement calls for FT8 LLC to initially acquire 40% of the Common Stock
shareholding of BIPS Technologies LLC in exchange for technology rights
developed by FT8 and FT8's commitment to cover the related program management
and transactional banking fees associated with the administration of a
Supplemental Insurance Funds Transfer Program. FT8's technology rights
encompass processes related to the administration of the Supplemental Insurance
Funds Transfer Program pursuant to a contract executed with Homeland
HealthCare, Inc., a licensed and regulated Third Party Administrator of
voluntary employee benefits. The technology rights being licensed by FT8 only
pertain to the voluntary benefits market and do not preclude FT8 from servicing
other insurance market segments. BIPS Technologies LLC will hold the
contractual rights to administer the Supplemental Insurance Funds Transfer
Program to service the clients of Homeland HealthCare, Inc.
The existing contract with Homeland HealthCare, Inc. projects minimum employee
enrollment of 75,000 individuals through the end of 2016, minimum cumulative
employee enrollment of 200,000 individuals through the end of 2017, and minimum
cumulative employee enrollment of 350,000 individuals through the end of 2018.
BIPS Technologies Ltd projects that gross revenue per enrolled employee will be
between US$ 1.05 - $1.15 per month. FT8 LLC would receive dividends based on
the net profitability of the renewable, three-year contract with Homeland
HealthCare, Inc. However, at this stage there can be no guarantee that these
projected revenue levels will be achieved.
There are no additional ongoing financial commitments associated with FT8 LLC's
investment in BIPS Technologies LLC, a company that has no current sales
turnover. The Investment and Subscription Agreement requires that this initial
transaction between the parties be completed within 30 days.
For further details please contact:
Sean McShane FT8 Plc +1 8172 718 169
Phillip Pryor FT8 Plc +60 19 212 8026
Katy Mitchell WH Ireland Limited +44 161 832 2174