Market Leader, Inc Form 8K filed 12/30/2011
“The termination was effective December 31, 2011. As a result, Imprev has released Market Leader from future minimum contractual liabilities totaling $2.6 million, as well as any and all future revenue sharing payments related to the revenue generated from the premium SaaS solutions being provided to Keller Williams professionals. Market Leader will pay Imprev early termination fees totaling $1.45 million, which the Company expects to record as contract termination costs in the fourth quarter of 2011.
Concurrently, both parties entered into a transitional services agreement for the period January 1, 2012 through June 30, 2012 for which the Company will pay Imprev $600,000.Starting in the first quarter of 2012, Market Leader will offer its own marketing, design, and printing capabilities as fully integrated components of its SaaS platform and products based on the solutions that were acquired as part of the August 2011 acquisition of SharperAgent.”
Ouch.
