Must read 8-K out from $TBEV today! ~ This news is HUGE
http://www.otcmarkets.com/edgar/GetFilingHtml...D=11579582
Item 1.01. Entry into a Material Definitive Agreement.
License Agreement
On August 1, 2016 the Company entered into a license Agreement (the “License Agreement”) with SC Company/ProProm Mexico (“Licensee”) . Pursuant to the License Agreement the Company granted Licensee the exclusive, non-sublicenseable and non-assignable right within Mexico, Central America and South America and any other areas granted in the future to use the Trademarks and Other IP solely in connection with the development, manufacture, distribution, marketing and sale of one or more “Sports Performance Drinks.
The initial term of the License Agreement is three years and provided Licensee is not in default under the Agreement the term of the Agreement shall be automatically extended for one additional three period upon mutually agreeable terms, unless either party notifies the other party in writing at least ninety (90) days prior to the then-scheduled expiration of the Term that such party elects not to extend the Term.
The term the Licensee shall pay the Company royalties in the amount of $10 a case by all sales and other transfers of licensed products and payments of $18,750 per quarter.
Pro Proms goal is to create name recognition and brand awareness for the High Performance Sports Drink in the countries of Mexico, Central & South America, in order to distribute and sell the product by making it synonymous with already established sports drink brands like Gatorade, which are already available in various regions throughout Mexico and Latin America.
Per the Licensing Agreement, a bottling company has been selected and both High Performance Beverage and Pro Prom are in the process of completing exclusivity, non-disclosure contracts and permitting in order to commence production.
A full production run of High Performance Sports Drink is expected to start in September 2016.
The foregoing descriptions of the License Agreement referred to above do not purport to be complete and are qualified in its entirety by reference to the Note, a copy of which are attached to this Current Report on Form 8-K and incorporated into this Item by reference.
http://www.otcmarkets.com/edgar/GetFilingHtml...D=11579582
Item 1.01. Entry into a Material Definitive Agreement.
License Agreement
On August 1, 2016 the Company entered into a license Agreement (the “License Agreement”) with SC Company/ProProm Mexico (“Licensee”) . Pursuant to the License Agreement the Company granted Licensee the exclusive, non-sublicenseable and non-assignable right within Mexico, Central America and South America and any other areas granted in the future to use the Trademarks and Other IP solely in connection with the development, manufacture, distribution, marketing and sale of one or more “Sports Performance Drinks.
The initial term of the License Agreement is three years and provided Licensee is not in default under the Agreement the term of the Agreement shall be automatically extended for one additional three period upon mutually agreeable terms, unless either party notifies the other party in writing at least ninety (90) days prior to the then-scheduled expiration of the Term that such party elects not to extend the Term.
The term the Licensee shall pay the Company royalties in the amount of $10 a case by all sales and other transfers of licensed products and payments of $18,750 per quarter.
Pro Proms goal is to create name recognition and brand awareness for the High Performance Sports Drink in the countries of Mexico, Central & South America, in order to distribute and sell the product by making it synonymous with already established sports drink brands like Gatorade, which are already available in various regions throughout Mexico and Latin America.
Per the Licensing Agreement, a bottling company has been selected and both High Performance Beverage and Pro Prom are in the process of completing exclusivity, non-disclosure contracts and permitting in order to commence production.
A full production run of High Performance Sports Drink is expected to start in September 2016.
The foregoing descriptions of the License Agreement referred to above do not purport to be complete and are qualified in its entirety by reference to the Note, a copy of which are attached to this Current Report on Form 8-K and incorporated into this Item by reference.
