From In December 2016, the Company entered in
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Posted On: 11/14/2017 8:49:49 AM
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In December 2016, the Company entered into an exclusive sublicense agreement with a group of companies under common ownership referred to as the Secure Supplies Companies (“Secure Supplies”). Under this sublicense agreement, Secure Supplies intended to procure a substantial number of large industrial CSRV ® electric power generators powered by hydrogen gas. Secure Supplies was in default under the sublicense agreement for failure to pay the licensing fee that was due upon signing. On the basis of repeated promises made by Secure Supplies, the Company did not exercise its right until September 2017 to declare Secure Supplies in default and cancel the sublicense agreement. In the event that Secure Supplies is able to adequately fund its operating plan, the Company would consider entering into a new, non-exclusive sublicense agreement. The Company intends to sublicense hydrogen powered CSRV ® electric power generators to other interested third parties on a non-exclusive basis.
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In December 2016, the Company entered into an exclusive sublicense agreement with a group of companies under common ownership referred to as the Secure Supplies Companies (“Secure Supplies”). Under this sublicense agreement, Secure Supplies intended to procure a substantial number of large industrial CSRV ® electric power generators powered by hydrogen gas. Secure Supplies was in default under the sublicense agreement for failure to pay the licensing fee that was due upon signing. On the basis of repeated promises made by Secure Supplies, the Company did not exercise its right until September 2017 to declare Secure Supplies in default and cancel the sublicense agreement. In the event that Secure Supplies is able to adequately fund its operating plan, the Company would consider entering into a new, non-exclusive sublicense agreement. The Company intends to sublicense hydrogen powered CSRV ® electric power generators to other interested third parties on a non-exclusive basis.
WHAT ARE YOU WAITING FOR??
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