Noviqtech secures intellectual property for $67,000

• NoviqTech entered an agreement to acquire software IP from Morphotech for $67,000 plus tax.
• The deal provides an immediate royalty-free licence while shareholder approval remains pending.
• The transaction secures long-term control of code powering NoviqTech's carbon and fuel tracking platforms.

NoviqTech (ASX:NVQ) entered a conditional agreement to acquire software intellectual property from Singapore-based Morphotech for $67,000.

The agreement replaces the previous master services agreement that NoviqTech Services terminated with Morphotech Limited UK on April 7.

Under the terms, NoviqTech receives an interim royalty-free licence to use the code but must secure shareholder approval by Dec. 31 to complete the purchase.

If shareholders reject the deal by the deadline, the interim licence will terminate and Morphotech will retain ownership of the software.

Following the announcement, the Noviqtech share price was unchanged at $0.039.

NoviqTech operates as a technology company providing digital tracking tools for carbon emissions and fuel supply chains.