Wednesday, July 01, 2015 12:42:38 PM
If for any reason PTOI is unable to provide the catalyst to the customer (asteroids, bankruptcy, airplane crashes with all PTOI management aboard including JB, etc.) then the customer has access to the encryption key via the escrow agent and will then be able to produce the catalyst needed to continue processing. If the supply failure never occurs the formula is protected unless the escrow agent and the customer collude.
To me, it looks like evidence management and John Bordynuik are very confident the company will be around to supply the catalyst and all shareholders should be pleased and will benefit.
I am sure there is more to the complex situation that will not, and should not be disclosed.
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Escrow.
Within fourteen (14) calendar days of the earlier of: (1) the Initial Order as defined in the Equipment Supply Contract; or (2) any order of Processing Equipment under an agreement between the parties pursuant to Section 23 of the Equipment Supply Contract; P2O will (i) provide to the Licensee an encrypted hard drive containing the formula and a description of the Know-How necessary to produce the catalyst according to the formula, and (ii) deposit the private key necessary to decrypt the encrypted hard drive with an escrow agent acceptable to both parties. Upon the occurrence of a Catalyst Supply Failure, the escrow agent shall release the private key necessary to decrypt the encrypted hard drive to Licensee, and Licensee shall have the right to use the key to decrypt the encrypted hard drive. Upon the conclusion of a Catalyst Supply Failure, Licensee will return the encrypted hard drive and any information obtained or derived from the encrypted hard drive, P2O will provide a newly encrypted hard drive to the Licensee and deposit a corresponding private key with the escrow agent accordingly, and the foregoing conditions, limitations and rights shall apply to the new encrypted hard drive."
I can't be the only one that thinks that this stuff is funny (I especially like the part where they get a new encrypted hard drive after a supply failure and return of the original, which seems to assume that the customer will forget how they made the catalyst the first time.) This company, which can attribute its current destitute condition to the acts of one man, is now relying on that same man for its future...except without a contract. Bordynuik may not own the sooper dooper catalyst, but he may as well. And the idea that a customer would accept him as a source for a critical material (via PTOI as distributor), without knowing what that material is, would say a lot about the judgment of the customer....
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