ID Global Solutions Corporation (NASDAQ:IDGS) Files An 8-K Entry into a Material Definitive Agreement

ID Global Solutions Corporation (NASDAQ:IDGS) Files An 8-K Entry into a Material Definitive Agreement

Story continues below

Item 1.01

Entry into a Material Definitive Agreement

On December 30, 2016, ID Global LATAM S.A.S. (IDG LATAM), a
wholly owned subsidiary of ID Global Solutions Corporation (the
Company), entered into a Contract for the Provision of Cash
Collection Services (the Contract) with Recaudo Bogota S.A.S.
(RB), a Colombian company, to which the Company agreed to supply,
maintain and provide platform services for 740 unattended payment
collection and fare ticketing kiosks, in consideration of
approximately 90.6 billion COP (excluding VAT) payable over the
ten year period of the Contract.

to the contract IDG LATAM is required to obtain a performance
bond from a financial institution in the amount of 18.6 Billion
COP. In addition, IDG LATAM will need to obtain financing for the
cost of the equipment to be supplied but has not as of the date
hereof entered into a definitive agreement for such financing.

The foregoing information is a summary of each of the agreements
involved in the transactions described above, is not complete,
and is qualified in its entirety by reference to the full text of
the agreement, which is attached as an exhibit to this Current
Report on Form 8-K. Readers should review those agreements for a
complete understanding of the terms and conditions associated
with this transaction.

Item 9.01Financial Statements and Exhibits

Exhibit No. Description
10.1 Contract for the Provision of Cash Collection Services
entered into by and between ID Global LATAM S.A.S. and
Recaudo Bogota S.A.S. dated December 30, 2016 *

* Portions of this exhibit have been redacted to a request for
confidential treatment submitted to the Securities Exchange
Commission.

An ad to help with our costs