DoMark International Inc. (fka DOMK)

[hibarb]

Domark Int'l: FORM 10-Q, Quarterly Period ended August 31st, 2014

Read more: http://www.getfilings.com/sec-filings/141014/Domark-International-Inc_10-Q/#ixzz3Ijvr8m89


"NOTE 6 – LICENSING AGREEMENT WITH WAZZAMBA SA
During the three months ended February 28, 2014, the Company executed a Licensing Agreement with Wazzamba SA (the “Licensor”). The agreement provides the Company an exclusive license to use certain technology (which permits third-party subscribers to integrate a fully equipped online shop into their websites) in Canada and the United States for an initial term ending July 31, 2015. The agreement provides for the Company to pay the Licensor “Flat Fee” compensation of $ 300,000 in 3 installments of $100,000 each (first installment payable within 5 days of the signing of the agreement, second installment payable on July 1, 2014, and third installment payable on February 1, 2015) plus “Revenue Share” compensation equal to 50% of Net Commissions generated by the Company payable monthly. In the event that the Company does not generate $500,000 in Net Commissions by January 31, 2015, the Licensor has the right to cancel the agreement with one month notice (in which case the third $100,000 installment will no longer be due). With respect to an Extended License Term after July 31, 2015, the agreement provides the Company a right of first refusal to match any offer received by the Licensor from a third party."

SEE PAGE 11 on website:

http://www.getfilings.com/sec-filings/141014/Domark-International-Inc_10-Q/