NetCents Technology Transfers all IP Relating to NCCO Coin to the NCCO Foundation Company

NetCents Technology (CSE:NC) has announced it has signed a coin technology sale agreement and technology support and service agreement with the NCCO Foundation Company in regard to the NetCents coin.

As quoted in the press release:

As previously communicated, the Company’s intention has always been to transfer the NCCO coin technology and intellectual property to an independent entity. As such, the sale price was set at $1, plus a recovery of costs incurred to date by the Company for the development and roll out of the NCCO Coin. Going forward, the Foundation will be financially responsible for further development and maintenance of the NCCO Coin.

Through a separate Service Agreement, the Company has agreed to assist the Foundation with the full development and rollout of its technology and to manage the technological backbone of the NCCO business.

“Last year we set out to create an efficient, asset-backed cryptocurrency to be used for every day transactions. This gave rise to the creation of the NCCO coin. Initially, the Foundation was to be set up in the canton of Zug, but due to the backlog, we quickly realized it would not work in the timeframe we had set up,” stated Clayton Moore, CEO of NetCents. “I am delighted with today’s milestone as the NCCO coin now stands on its own, governed by the independent NCCO Foundation Company headquartered in the Cayman Islands.”

“Although the NCCO Foundation Company is fully independent from NetCents, I am happy to be able to count on NetCents’ support for the continued development and roll out of the NCCO technological backbone,” stated Jean-Marc Bougie, Chairman of the NCCO Foundation Company.

Click here to read the full press release.