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Posted On: 12/17/2020 3:48:11 PM
Post# of 36567
The amended 8-K answered my question of status of the "joint entity":
"The Extension Agreement allows for the Five Million Dollar USD ($5,000,000.00) upfront licensing fee payment to be made to Generex no later than before December 31, 2020. This Extension Agreement was triggered by a December 14, 2020 letter from Maggie Wang, Chairman of the Board for the Joint Entity, requesting from Generex the Extension Agreement due to the longer than expected process for establishing the Joint Entity, a biological company in China (the “Letter”). The Letter acknowledged that payment was due and outlined the following progress to date:
1. Prepared fund in RMB
2. Chinese authority already accepted new company registration application and expect to get approval this week.
3. After getting registration documents, a bank account shall be opened.
4. Once bank account is opened and approvals for payment via wire is done, then the payment of the Five Million Dollars USD ($5,000,000.00) shall be wired to Generex next week or latest before December 31, 2020."
"The Extension Agreement allows for the Five Million Dollar USD ($5,000,000.00) upfront licensing fee payment to be made to Generex no later than before December 31, 2020. This Extension Agreement was triggered by a December 14, 2020 letter from Maggie Wang, Chairman of the Board for the Joint Entity, requesting from Generex the Extension Agreement due to the longer than expected process for establishing the Joint Entity, a biological company in China (the “Letter”). The Letter acknowledged that payment was due and outlined the following progress to date:
1. Prepared fund in RMB
2. Chinese authority already accepted new company registration application and expect to get approval this week.
3. After getting registration documents, a bank account shall be opened.
4. Once bank account is opened and approvals for payment via wire is done, then the payment of the Five Million Dollars USD ($5,000,000.00) shall be wired to Generex next week or latest before December 31, 2020."
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