Live Company Group Plc (LON:LVCG) announced today that, on 14 June 2018, its wholly-owned subsidiary Brick Live International Limited entered into a new licence and content lease agreement with HiBrick Limited and Brick Live World Limited, each being companies incorporated in South Korea and controlled by Reon Kim, a substantial shareholder in LVCG, in relation to certain BRICKLIVE events in South Korea.
The New Agreement provides an extension of the contractual arrangements between BLI and HiBrick and BLW in South Korea, ensuring event output until 31st December 2022. The previous licence agreement between BLI and BLW, which was due to expire on 25 January 2021, has been terminated concurrently with the signing of the New Agreement.
Under the terms of the New Agreement, HiBrick will retain exclusivity in South Korea provided a minimum number of BRICKLIVE centres (permanent) and BRICKLIVE Lite shows (temporary) are opened or staged each calendar year. Additionally, the New Agreement wavers the previous exclusivity of other BRICKLIVE brand extensions within South Korea.
BRICKLIVE Lite is a new brand extension which consists of temporary and smaller events between 400-1,000sqm to be staged in venues such as shopping malls, typically for 10 days or less.
The New Agreement allows Hi Brick and BLI to work together to sublicense the brand, seeking additional partners to promote BRICKLIVE centres and BRICKLIVE Lite shows in the territory. In this regard, BLI will continue to look for partnership opportunities for BRICKLIVE Touring within the territory.
David Ciclitira, Executive Chairman of Live Company Group Plc: “Our relationship with our partner in Korea has been fundamental to the growth of the business. HiBrick’s investment in the business has led to Mr Kim becoming the second largest shareholder in LVCG and so we are delighted that we are announcing an extension of his agreement. HiBrick has also been fundamental to developing the educational elements of bricklive in Asia which is expected to further evolve later this year through a new BL Group subsidiary called Bricklive Education. On behalf of the Group, we would like to thank him for his support. As BRICKLIVE continues to expand it is great to show that our partner network is strong and excited about moving forward together with the Group.”
Reon Kim, Chairman Hi Brick: “We are very pleased with our investment in BRICKLIVE and look forward to our continued relationship. It has been a pleasure to work with the team in the UK and we look forward to more exciting opportunities in the future.”
