Item 1.01 Entry into a Material Definitive Agreeme
Post# of 1040
Posted On: 05/01/2015 5:43:36 PM
Item 1.01 Entry into a Material Definitive Agreement.
On April 25, 2015, Inergetics, Inc. (the “Company”) received a letter dated April 16, 2015 (the “Notice”) from Martha Stewart Living Omnimedia, Inc. (“MSLO”) terminating the License Agreement (the “Agreement”) dated May 7, 2013 between MSLO and the Company. The Company’s management made the decision not to make payments under the Agreement. Pursuant to the Notice, the Agreement shall terminate on May 16, 2015. There is a six month period for the Company to sell through product inventory. The Company will continue to support sales and marketing during this period.
During the last quarter of 2014 and the fiscal year ended December 31, 2014, sales of products under the Agreement represented, respectively, approximately 20% and 52% of total sales. Accordingly, management does not believe that the termination of the Agreement will have a material adverse effect.
Signatures
Pursuant to the requirements of the Securities Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 1, 2015
INERGETICS, INC.
By: /s/ Michael C. James Michael C. James
1
Chief Executive Officer and Chief Financial Officer
On April 25, 2015, Inergetics, Inc. (the “Company”) received a letter dated April 16, 2015 (the “Notice”) from Martha Stewart Living Omnimedia, Inc. (“MSLO”) terminating the License Agreement (the “Agreement”) dated May 7, 2013 between MSLO and the Company. The Company’s management made the decision not to make payments under the Agreement. Pursuant to the Notice, the Agreement shall terminate on May 16, 2015. There is a six month period for the Company to sell through product inventory. The Company will continue to support sales and marketing during this period.
During the last quarter of 2014 and the fiscal year ended December 31, 2014, sales of products under the Agreement represented, respectively, approximately 20% and 52% of total sales. Accordingly, management does not believe that the termination of the Agreement will have a material adverse effect.
Signatures
Pursuant to the requirements of the Securities Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 1, 2015
INERGETICS, INC.
By: /s/ Michael C. James Michael C. James
1
Chief Executive Officer and Chief Financial Officer
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