- Radial Research (CSE:RAD) has sold all of its rights, titles, and interest in the Movie Method smartphone app
- The company sold the app through an asset purchase agreement with Leon Apel, on June 4, 2020
- Radial Research transferred ownership to the buyer, who agreed to cancel four million of his Radial shares, in exchange
- In other news, Guy Pinsent has resigned as a Director of the company, but will remain as a consultant
- Radial Research (RAD) remains unchanged and is currently trading at 10 cents per share
Radial Research (CSE:RAD) has sold all of its rights, titles, and interest in the Movie Method smartphone app.
The app, for iOS and Android, allows users to learn languages from movie clips. While the company saw potential in Movie Method, problems arose which made it less of an asset than previously thought.
Radial Research’s CEO, Peter Smith, explained the company’s reasoning behind the decision.
“While we really liked the app and the concept behind it, we had significant challenges taking it to commercialization and decided that it was in the best interests of the company to focus on other technology.
“We have been looking at e-commerce platforms and technology for some time, and we believe we have an excellent opportunity with Zoompages, our most recent acquisition.
“We plan to start testing Zoompages immediately, while we continue our search for other interesting apps and technologies in the e-commerce sector,” he said.
Radial Research sold the Movie Method app to Leon Apel, a major company shareholder. To gain ownership of the app, Leon agreed to cancel an aggregate 4 million of his common shares in Radial.
The cancelation of shares reduced his holding in the company from 44.06 per cent to 34.43 per cent. Radial Research’s board of directors unanimously approved the transaction, which is considered a related party transaction.
In other news, Radial Research announced the resignation of Guy Pinsent, who will focus on his interest in Less Mess Storage. Guy resigned from his position as a Director, but will remain as a consultant for the company.
Radial Research (RAD) remains unchanged and is trading at 10 cents per share at 12:35pm EDT.