Cheeky, I don't get how you can say that AlgaeTec is working with Algae Farms. The License and Commercialization agreemnet was terminated Nov. 8th 2011.
On September 13, 2011, the Company entered into a License and Commercialization Agreement with
AlgaeTek Systems, Inc., a Florida Corporation (the "licensee"). Pursuant to the agreement the Company granted the
licensee the right to use its intellectual property, trademarks, service marks, brand names, etc. non-exclusively in six (6)
states. In addition, the Company agreed to build a Pilot Facility for the licensee in which the Company will create a system
capable of sustaining continuous growth of an algal culture under controlled environmental conditions using the
Company's Owned IP and Marks.
The licensee agrees to pay the Company the sum total of $250,000 in installments as follows:
The licensee made a total of $37,500 in fee payments and made no further fee payments. The Company
terminated the License and Commercialization Agreement on November 8, 2011. The Company will have no further
obligation under this Agreement.
Am I missing something?????