Ron paid $70,000 for motor booster and then made the exact, or near exact same claims joe noel (mdhi) did in 2012-----
Entry into a Material Definitive Agreement, Other Events
Item 1.01. Entry into a Material Definitive Agreement.
On March 14, 2012 Medical Alarm Concepts Holdings, Inc. (the Company) entered into a distribution contract with the global distributor of the MotorBooster fuel catalyst product. The agreement will govern distribution rights, exclusivity, and royalty provisions as they relate to the proprietary and patented fuel catalyst product.
Pursuant to the terms of the agreement the Company has been granted an exclusive license to market and distribute the product within the United States and Canada. The Company will be subject to royalty payments on any revenue created by the use or distribution of the MotorBooster product. As part of the agreement, the Company has paid $70,000 to acquire 50,000 units of inventory, comprising of 500,000 tablet units. The Company plans to begin to offering this product utilizing direct to consumer radio and Internet marketing programs prior to the summer driving season.
On February 28, 2012, the Company completed a series of withdrawals against a previously established credit line. The total amount drawn against this credit line currently stands at $422,293.78. These funds have been and will be used for general corporate purposes, development of strategic marketing programs, inventory acquisition to meet the growing demand being seen for the Company's MediPendant product, initial MotorBooster inventory acquisition, radio spot creation, and for the purchasing of radio air time to support the MotorBooster product launch. Under the terms of the credit line, all loans are due and payable within 12 months of receipt of funds and bear interest at a rate 8% per annum. These loans resulted in no shareholder dilution.
On March 14, 2012, the Company entered into a contract with Push Button Productions of Sanford, Florida for the purchase of direct response related radio advertising production and regional and national radio advertising time. Under the terms of the contract, the company is obligated to purchase $60,000 of radio airtime over between March 14, 2012 and June 30, 2012. This radio media time will be used to launch and advertise the MotorBooster fuel catalyst product.
Everything I write is my opinion based on what I read from the companies I post about. Decide for yourself because it's your money.
