HearMeOut Limited announced the Company has entered into an exclusive commercial agreement with AvidSys Infotec Private Limited (AvidSys), whereby AvidSys is granted a license to grow HearMeOut's audio social media platform (the HMO platform) in India and Asia. Under the terms of the agreement HearMeOut has licensed the HMO platform and associated intellectual property rights exclusively to AvidSys in Afghanistan, India, Pakistan, Bangladesh, Sri Lanka, Nepal, Bhutan, Maldives, Malaysia, Cambodia, Indonesia, Philippines, East Timor, Laos, Singapore, Vietnam, Brunei, Myanmar, Japan, Korea, Thailand and Taiwan. The key terms of the agreement include: The term of the agreement is for four years; AvidSys shall have full and complete discretion over the operation of the HMO platform in India and Asia including application design, marketing, financials, application services and business operations for the term of the agreement; AvidSys will use their network of various media businesses, technical expertise and presence for marketing and to grow the HMO platform in India and Asia; AvidSys will have the pre-empt rights if HMO wishes to license or grant any intellectual property rights in the HMO platform to a third party outside of India and Asia; Hosting of the HMO platform will be transferred from Amazon USA (the current hosting server) to Amazon India over the next few weeks; Transition services will be provided by HearMeOut to AvidSys for approximately one month to ensure a smooth transition to the Amazon India server; Any improvements, modifications or upgrades done by AvidSys in India and Asia will be implemented to the HMO platform and made available to the Company in the rest of the world; Ownership of the HMO platform and associated intellectual property rights in India and Asia will be transferred to AvidSys in the event the Company becomes insolvent, bankrupt or is wound up. Consideration: In consideration for grant of license to HMO, AvidSys has agreed to: Invest a minimum of AUD 3.5 million over the course of the term on activities, services and operations or invest at least AUD 2 million and achieve five million active users on the HMO platform during the term; AvidSys must pay HMO a royalty of 5% of the net profit in each financial year or part thereof that the agreement remains in place.