Eight Solutions Inc. announced that the company has entered into an agreement with BID Group Technologies Ltd. pursuant to which BID Group will receive an exclusive license to the company's Cumul8 data analytics platform in the forestry and wood fibre industry. In conjunction with the grant of the Cumul8 license, the Company and BID Group have agreed to dissolve the previously announced Oper8 partnership with BID Group, among other things, agreeing to release the company from all liability related to the Oper8 partnership. In consideration of the grant of the exclusive license to BID Group, the Company will receive a cash payment of $500,000 and a release from all indebtedness owed to BID Group, including the previously announced $485,000 loan, except for the $1,000,000 convertible debenture. The parties also agreed to use commercially reasonable efforts to negotiate a support agreement regarding the Cumul8 platform within 30 days following closing of the transaction. It is anticipated that Eight will receive storage, AI processing, and support fees from BID Group for the platform. Overall, the Transaction allows BID Group to use the Cumul8 technology as a platform for their expanding digital transformation in the forest industry. BID Group will focus on building out forestry solutions (with the help of the Cumul8 platform) and Eight will use the knowledge and experience it has gained from its work with BID Group in forestry to apply its Industrial IoT and AI platform to other markets. In connection with the Transaction, the parties and their respective subsidiaries entered into a five year mutual non-competition and non-solicitation agreement pursuant to which the Company agreed not to compete with the business of BID Group using the Cumul8 platform in the forestry and wood fibre industry and BID Group agreed not to compete with the business of the Company using the platform outside of such industry. Under the terms of the Transaction, the company agreed, in the event of any sale of the Cumul8 platform to a third party, to pay BID Group the lesser of 50% of the net proceeds (after deduction of all applicable expenses) and $5,000,000 or such portion of the proceeds in cash and/or securities in whatever manner they are received by Eight subject to compliance with applicable securities laws.