thats correct, but I believe that's only to put a
Post# of 791
Posted On: 12/22/2015 10:15:49 AM
thats correct, but I believe that's only to put a value to the licenses NTI holds. the series B preferred are purely for voting purposes only.
series B could very well be dished out to other companies that want licensing agreements. HCTI putting a "fair value" on the series B may be apart of the negotiations when trying to obtain X amount of dollars for a license to sell HCT product. just a guess...
On August 10, 2015, the Company signed a tenth amendment to the Licensing Agreement with NTI whereby the parties amended the Agreement (and subsequent Amendments) to expand the definition of the Licensor Product to include polyurethane foam packaging (“PFP”). In consideration for the Licensor Product to include PFP, NTI shall issue to the Licensor 420,000 Series B Preferred Shares (“Consideration”), to be paid at the time of execution of this Tenth Amendment Agreement (“Deadline”). Should NTI not pay the Consideration within the Deadline, PFP shall not be added to the Licensor Product definition. The Company issued the shares on the date of the Deadline. The Series B Preferred Shares contained super-majority voting rights with each share being able to vote at a rate of 500:1. The Company has currently valued the Series B Preferred Shares at par value of $420, but is still evaluating the fair value as of September 30, 2015. The Company expects to complete this valuation during the quarter ended December 31, 2015.
series B could very well be dished out to other companies that want licensing agreements. HCTI putting a "fair value" on the series B may be apart of the negotiations when trying to obtain X amount of dollars for a license to sell HCT product. just a guess...
On August 10, 2015, the Company signed a tenth amendment to the Licensing Agreement with NTI whereby the parties amended the Agreement (and subsequent Amendments) to expand the definition of the Licensor Product to include polyurethane foam packaging (“PFP”). In consideration for the Licensor Product to include PFP, NTI shall issue to the Licensor 420,000 Series B Preferred Shares (“Consideration”), to be paid at the time of execution of this Tenth Amendment Agreement (“Deadline”). Should NTI not pay the Consideration within the Deadline, PFP shall not be added to the Licensor Product definition. The Company issued the shares on the date of the Deadline. The Series B Preferred Shares contained super-majority voting rights with each share being able to vote at a rate of 500:1. The Company has currently valued the Series B Preferred Shares at par value of $420, but is still evaluating the fair value as of September 30, 2015. The Company expects to complete this valuation during the quarter ended December 31, 2015.
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