News and Announcements
ISAG – Heads of Agreement Signed for Exclusive Joint Territory
- Published September 27, 2013 1:40PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Indoor Skydive Australia Group Limited (ASX:IDZ) is pleased to advise that it has signed a Heads of Agreement (HOA) for an exclusive joint territory development agreement with SkyVenture’s Australian subsidiary, IFLY Australia Pty Ltd (IFLY). The HOA provides a framework for the construction and/or the development of further Indoor Skydiving Facilities within Australia and New Zealand.
Heads of Agreement
Under the binding terms of the HOA, IFLY and its related entities (including SkyVenture) have agreed to not provide its vertical wind tunnel (VWT) technology to any third party and to deal exclusively with IDZ in Australia and New Zealand for a period of 1 year, with an 18 month automatic extension on purchase by IDZ of new equipment. SkyVenture are the world’s leading manufacturer of VWT technology and through their brand, IFLY, operates multiple Indoor Skydiving facilities worldwide.
The HOA provides for an exclusive period for IDZ and IFLY to finalise the exclusive joint territory development agreement.
To read the full ASX Release please click on the document below.
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