03:54 PM EDT, 05/17/2024 (MT Newswires) -- Venzee Technologies ( VENZF ) on Friday entered into a software right-of-use agreement with Digital Commerce Payments (DCP), an existing consultant of Venzee ( VENZF ).

The company will acquire the exclusive right to use certain DCP e-commerce shelf capability software for $4.25 million.

According to the statement, the DCP software will enhance the scope and management functionality, and broaden the capabilities of Venzee's ( VENZF ) e-commerce software, and expand the total addressable market. Venzee's ( VENZF ) software serves only as a data connector, whereas the DCP software acts a data connector and inventory management solution. It can be used in different geographic locations and has multi-lingual capabilities.

It is expected that the purchase price will be satisfied by the issue of 19.32-million shares at a deemed issue price of $0.22 each.

Venzee ( VENZF ) shares were halted prior to its release last trading Thursday at $0.225 on the TSX Venture Exchange.