Form 8 filed
http://secfilings.com/searchresultswide.aspx?...d=11738140
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On December 9, 2016 the Registrant executed an exclusive license (the “License”), which became effective December 5, 2016, with Secure Supply Mexico LLC and Secure Supplies USA LLC (“Licensees”). The License grants Licensees the right to distribute, use, sell and lease Coates CSRV electric power hydrogen generator sets and engines covering the United States, Canada and Mexico and their territories. Licensees may only acquire Coates CSRV electric power hydrogen generator sets and engines manufactured by the Registrant or its authorized designee and are not permitted to manufacture any of the licensed products. Licensee is require to remit a one million ($1,000,000USD) dollar deposit under the License, which Licensees have scheduled for payment within the next ten to twenty days.
Licensees have indicated that the first phase of their project will require 400MW of total output from 400 one (1) MW Hydrogen Generator Sets with a sales price of one million ($1,000,000USD) dollars per MW. Licensee has acknowledged in writing, its intention to place it first order for 60 one (1) MW units by the end of January 2017, along with the required 50% deposit with each order, which would amount to a deposit of thirty million ($30,000,000USD) dollars.
Licensees will supply certain components that will enable the Coates CSRV electric power hydrogen generator sets and engines to operate efficiently with Licensees’ hydrogen generating technology.
This summary description is for informational purposed only. The executed License is the definitive source of all provisions of the grant of license.
http://secfilings.com/searchresultswide.aspx?...d=11738140
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On December 9, 2016 the Registrant executed an exclusive license (the “License”), which became effective December 5, 2016, with Secure Supply Mexico LLC and Secure Supplies USA LLC (“Licensees”). The License grants Licensees the right to distribute, use, sell and lease Coates CSRV electric power hydrogen generator sets and engines covering the United States, Canada and Mexico and their territories. Licensees may only acquire Coates CSRV electric power hydrogen generator sets and engines manufactured by the Registrant or its authorized designee and are not permitted to manufacture any of the licensed products. Licensee is require to remit a one million ($1,000,000USD) dollar deposit under the License, which Licensees have scheduled for payment within the next ten to twenty days.
Licensees have indicated that the first phase of their project will require 400MW of total output from 400 one (1) MW Hydrogen Generator Sets with a sales price of one million ($1,000,000USD) dollars per MW. Licensee has acknowledged in writing, its intention to place it first order for 60 one (1) MW units by the end of January 2017, along with the required 50% deposit with each order, which would amount to a deposit of thirty million ($30,000,000USD) dollars.
Licensees will supply certain components that will enable the Coates CSRV electric power hydrogen generator sets and engines to operate efficiently with Licensees’ hydrogen generating technology.
This summary description is for informational purposed only. The executed License is the definitive source of all provisions of the grant of license.
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