(MENAFN - ProactiveInvestors - Australia) Mnet Group (ASX: MNZ) will gain a further A1.75 million from the earlier sale of its wholly owned subsidiary, Ring Back Tones Australia, to Real Networks Inc.
The two companies have reached agreed terms relating to the contract renewal from the sale, which was announced in late April 2011.
Under the terms of the contract, an initial amount of 1 million is expected in early February 2013.
The balance of 750,000, which is dependent on certain performance conditions that are expected to be met, is due in January 2014.
In April last year, the mobile solutions company successfully negotiated a binding agreement for the sale of Ring Back Tones Australia to Real Networks for an initial 1.7 million in cash.
The original agreement also provided for up to 2 million payable by 31 December 2012 dependent on the achievement of milestones related to specific contract renewal targets.
Once the remaining 1.75 million is received by Mnet, no further consideration is due.