Using Trunity's complete solution, Ukrainian educators and authors can create, share and sell locally developed educational content to educators both within the Ukraine as well as around the globe. The Trunity platform provides a secure learning environment that delivers the first fully integrated system that combines content with an integrated Learning Management System, robust enough to support an entire country-wide deployment. The Trunity platform also provides the capability to create and deploy living virtual textbooks -- that are always up to date -- combining video and other media types for a dynamic presentation of learning material to engage school students and achieve better learning outcomes.
To support this significant project, Trunity partnered with UK-based InnSoluTech LLP to form EDUCOM, a joint venture company doing business within Ukraine (the "JV Company"), to ensure local support and enhance the quality of educational service within the country. Trunity granted a five-year renewable irrevocable license to the JV Company.
The joint venture agreement includes a $400,000 prepaid license fee to be paid by the JV Company to Trunity by March 31, 2013. The first $100,000 of the fee was paid on March 21, 2013. Trunity will also provide content from the Trunity Knowledge Exchange. According to Ukraine Government projections, this content is expected to generate up to $16 million in net revenue for Trunity over the next five years. Trunity will also establish the Ukrainian Knowledge Exchange, providing for the first time to Ukrainian educators, the ability to create up-to-date, online content for use by schools and educators in the country as well as globally. According to Ukraine Government projections, the Ukrainian Knowledge Exchange is expected to generate up to an additional $4.7 million in net revenue for Trunity over the next five years through Trunity's 15 percent interest in the JV Company.
"We are thrilled to partner and become a part of this innovative and visionary program created by the Ukrainian Government through the Open World Project," said Terry Anderton, Trunity Chairman & CEO. "Through the employment of programs such as this, our groundbreaking technology plays a big part in transforming educational delivery and promoting education and learning worldwide. We look forward to working with Ukraine Open World and participating in this significant joint venture while continuing to build the world's largest Knowledge Exchange."
About Trunity Holdings Inc.
Trunity Holdings Inc. (OTCQB: TNTY) is a transformational leader of eLearning solutions and educational content that enables a revolution in the world of publishing, education, student engagement and access to knowledge. Trunity's clients include both national and local higher education, K-12 schools as well as other leading organizations. Founded in 2009, Trunity has personnel in the North America and India. For more information, visit: www.Trunity.com, or call 978-829-0909.
Trunity Holdings Inc. Statement Under the Private Securities Litigation Reform Act
As contemplated by the provisions of the Safe Harbor section of the Private Securities Litigation Reform Act of 1995, this news release contains forward-looking statements pertaining to future, anticipated, or projected plans, performances and developments, as well as other statements relating to future operations. All such forward-looking statements are necessarily only estimates or predictions of future results or events and there can be no assurance that actual results or events will not materially differ from expectations. Further information on potential factors that could affect Trunity Holdings Inc. is included in the Company's filings with the Securities and Exchange Commission. We expressly disclaim any intent or obligation to update any forward-looking statements.
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