Prospect Ventures Inc. (fka IVAP)

[Burn Notice88]

DUSS and Royalty Income:

Royalty Income

The Company receives royalty income from licensing third parties to use its intellectual property. Presently this is the Company’s sole revenue stream. Previously, royalty income was shown within other income. Royalty income was not material to revenue in periods prior to the current fiscal year and was considered incidental. However, as a result of a change in our business model for this fiscal year and future periods, we expect royalty income to increase and to become the sole source of the Company’s recorded revenue. For this reason, the Company considers that the revised income statement presentation, which reflects royalty income as revenue, will provide more reliable and relevant information than the presentation adopted previously. The 2011 income statements for the three and nine month period ended July 31, 2011 have been adjusted to reflect the new presentation. During the three and nine month periods, ended July 31, 2011 there was no income related to royalties included in revenue. During the current period presentation, all income presented has been derived from royalties or commissions on sales under license agreements.

Jason Dussault may no longer be "officially" listed as CEO of Dussault Apparel, Inc., but I grant you that he still has a hand in DUSS, merely by the fact of the royalty income...

Conversely, his "Pure Energy" Mining Co. play, is looking for "a home" to park itself through a "Reverse Takeover" and IMHO, plays right into the Bannister leadership change with DUSS. Known for her M&A activity, this is becoming more and more of an interesting spec play to me.

Here is the story line and link to Pure Energy and Jason Dussault's attempt in a RM:

February 27, 2012 16:25 ET
Signature of a Letter of Intent for a Reverse Takeover Constituting Kilkenny Capital Corporation's Qualifying Transaction

LAVAL, QUEBEC--(Marketwire - Feb. 27, 2012)

http://www.marketwire.com/press-release/signature-letter-intent-reverse-takeover-constituting-kilkenny-capital-corporations-tsx-venture-kik.p-1624964.htm

Good luck to all,
B