Ultrack Systems Inc (MJLB)

[zoriden]

FOUND THIS ON UNGS BOARD SOUNDS LIKE BIG THINGS COMING

EVERYONE READ!!!!NICE-deserves a repost:– 
SUBSEQUENT EVENTS 
On July 2, 2014, the Company formed Bud Bank, LLC ("BB") in the state o 
f Florida. BB will act as the Company’s 
operating subsidiary dedicated solely to the Company's cannabis dispensing product. 
On July 9, 2014, the Company entered into two separate Consulting Agreements with Greenscape Laboratories, Inc., 
whereby the compan 
ies would provide one another with services related to strategic board level advisory, financial 
advisory, business development and acquisition and joint ventures advisory. 
The term of each agreement is 12 
months. 
On July 9, 2014, the Company entered i 
nto 
definitive agreements with 
Bayport International Holdings, Inc. for the 
disposition of certain assets currently operated by the Company's operating subsidiaries within the states of West 
Virginia. Included within the assets are certain leases covering min 
eral rights, oil and natural gas wells and ancillary 
facilities constructed by the Company for the delivery of natural gas in West Virginia. On July 31, 2014, the 
transaction closed. 
On July 11, 2014, the Company filed a trademark for the name "Bud Bank" 
with the United States Office Patent and 
Trademark Office. 
On July 31, 2014, the Company and Bayport International Holdings, Inc. ("Bayport") closed on the Asset Purchase 
Agreement entered into between the companies on July 9, 2014. Included within the ass 
ets sold by the Company 
were certain leases covering mineral rights, oil and natural gas wells, certain right of ways and ancillary facilities 
constructed by the Company for the delivery of natural gas in West Virginia. The Company will file the required 
B 
ill of Sales, Assignments and Deeds with the designated County Clerks for the transaction. At Closing, Bayport 
remitted the required funds as per the Asset Purchase Agreement and issued to the Company three Notes with 
varying maturity dates. 
Om July 31, 20 
14, the Company entered into a Licensing Agreement with Artemis Dispensing Technologies 
("Artemis") for the development and resell of its automated dispensing product. Under the collaboration and license 
agreement, Artemis will be responsible for the devel 
opment of a high end automated dispensing product. Upon 
launch and sales of the product, Artemis will be responsible for the installation, training and customer support for 
the hardware and software. The Company will be responsible for direct sales, additi 
on of key distributors and sub 
- 
licensing of specific territories within the U.S. Under the terms of the agreement, the Company will pay to Artemis a 
one 
- 
time licensing fee in the amount of $500,000.00 broken into tranches and based on development parameter 
s. 
Artemis will also receive a percentage of transaction fees generated on a monthly basis per unit. The Company will 
receive revenue generated directly from sales 
either though its website or sales staff, a royalty from sales generated 
busy July. I'm hanging for the prize!