Cazual, you are making your case on a quote from page 2 of the 8-K filing, basically a compressed summary statement. In this case, not the best source IMO.
The details of the agreements are clearly stated in the two exhibits (quoted from text):
"Exhibit 10.1
Laboratory Services and License Agreement, dated effective March 7, 2014, by and between the Company and The Andrews Research and Education Foundation, Inc.
Provided herewith
Exhibit 10.2
Consulting Agreement, dated effective March 7, 2014 by and between the Company and Dr. James Andrews
Provided herewith"
Where statements are unclear or can be interpreted more than one way, their meaning is governed by clearer statements. That's how I've always regarded contracts I've reviewed (not as a lawyer, but as an information manager for partnership senior management). Let's have another look at those clearer statements (selected segments).
"LABORATORY SERVICES AND LICENSE AGREEMENT
2. REPRESENTATIONS, WARRANTIES AND OBLIGATIONS OF ICB
(c) ICB will donate the Laboratory Equipment. The Lab Equipment shall at all times be the property of AREF. ICB will supply all necessary SOPs and training to AREF .
(g) ICB agrees to file an IRB on FDA ClinicalTrials.gov for Osteoarthritis of the Knee in then next 90 days MUST ALSO PASS THROUGH AREF SCIENTIFIC REVIEW COMMITTEE AND IRB.
(h) ICB shall make a charitable contribution to the Andrews Foundation of $10,000 PER MONTH
(i) ICB shall grant 6,666,666 shares of common stock traded on the OTC to AREF upon the commercial opening of the stem cell treatment center at the Andrews Institute in Gulf Breeze FL"
Item (h) is, I believe, conclusive.
Since we both want the parties to the agreements to "live long and prosper" I think clear ideas about what they have done, are doing, and hope to do, is in the best interest of investors in their ventures. We also want to celebrate the health of many and be among those who benefit from their medical and financial accomplishments. Let's agree on that.
Best, Info
AI
