Property Connect Holdings Limited has terminated the Distribution and Collaboration Agreement entered into on 14 December with its provider Aphmaspheric Pty Ltd. Apmasphere was engaged to develop and build new version of LiveOfferTM (LiveOfferTM Version 2) that incorporates the social, collaboration and platform elements from Apmasphere's Halo Platform and would be offered to customers as a module on the Halo Platform. The Agreement was conditional on the development of LiveOffer TM Version 2 to the satisfaction by Property Connect. The termination results from this condition precedent not being met. There are no break costs associated with the termination of the agreement, nor has Property Connect incurred any development costs under the Agreement due to the revenue share model it had agreed with Aphmasphere. As a consequence, Property Connect has taken the development of LiveOfferTM Version 2 in-house. The Company is on-track to deliver the solution to customers in March 2017. Initial feedback from users of the company's LiveOffer TM prototype indicates the launch of LiveOfferTM Version 2 will be met with strong demand. Targeting the large and growing US multifamily rental market, LiveOfferTM Version 2 will offer property management companies a simple SaaS solution to manage their residential leasing process, creating a real-time rental application process, which maximises rental revenue for property management companies, while optimising the rental offer process for tenants. The launch of LiveOfferTM Version 2 will trigger commercial revenue generation for the Company, which will earn monthly licensing fees as well as transaction fees of 1-3% of each rental agreement executed via the platform.