Followers | 29 |
Posts | 12275 |
Boards Moderated | 1 |
Alias Born | 07/12/2012 |
Wednesday, November 19, 2014 11:06:11 AM
Entry into a Material Definitive Agreement, Other Events
Item 1.01. Entry into a Material Definitive Agreement.
On March 14, 2012 Medical Alarm Concepts Holdings, Inc. (the Company) entered into a distribution contract with the global distributor of the MotorBooster fuel catalyst product. The agreement will govern distribution rights, exclusivity, and royalty provisions as they relate to the proprietary and patented fuel catalyst product.
Pursuant to the terms of the agreement the Company has been granted an exclusive license to market and distribute the product within the United States and Canada. The Company will be subject to royalty payments on any revenue created by the use or distribution of the MotorBooster product. As part of the agreement, the Company has paid $70,000 to acquire 50,000 units of inventory, comprising of 500,000 tablet units. The Company plans to begin to offering this product utilizing direct to consumer radio and Internet marketing programs prior to the summer driving season.
On February 28, 2012, the Company completed a series of withdrawals against a previously established credit line. The total amount drawn against this credit line currently stands at $422,293.78. These funds have been and will be used for general corporate purposes, development of strategic marketing programs, inventory acquisition to meet the growing demand being seen for the Company's MediPendant product, initial MotorBooster inventory acquisition, radio spot creation, and for the purchasing of radio air time to support the MotorBooster product launch. Under the terms of the credit line, all loans are due and payable within 12 months of receipt of funds and bear interest at a rate 8% per annum. These loans resulted in no shareholder dilution.
On March 14, 2012, the Company entered into a contract with Push Button Productions of Sanford, Florida for the purchase of direct response related radio advertising production and regional and national radio advertising time. Under the terms of the contract, the company is obligated to purchase $60,000 of radio airtime over between March 14, 2012 and June 30, 2012. This radio media time will be used to launch and advertise the MotorBooster fuel catalyst product.
Everything I write is my opinion based on what I read from the companies I post about. Decide for yourself because it's your money.
Recent WHSI News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 02/20/2024 09:52:36 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 02/14/2024 04:04:43 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/20/2023 09:44:05 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/16/2023 09:01:11 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 11/14/2023 08:02:04 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 10/20/2023 08:28:54 PM
- Form NT 10-K - Notification of inability to timely file Form 10-K 405, 10-K, 10-KSB 405, 10-KSB, 10-KT, or 10-KT405 • Edgar (US Regulatory) • 09/28/2023 08:11:16 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/28/2023 08:10:15 PM
VPR Brands (VPRB) Reports First Quarter 2024 Financial Results • VPRB • May 17, 2024 8:04 AM
ILUS Provides a First Quarter Filing Update • ILUS • May 16, 2024 11:26 AM
Cannabix Technologies and Omega Laboratories Inc. enter Strategic Partnership to Commercialize Marijuana Breathalyzer Technology • BLO • May 16, 2024 8:13 AM
Avant Technologies to Revolutionize Data Center Management with Proprietary AI Software Platform • AVAI • May 16, 2024 8:00 AM
HealthLynked Corp Announces First Quarter 2024 Results: Achieves 8% Revenue Growth Over Last Quarter • HLYK • May 16, 2024 8:00 AM
Integrated Ventures Files Q3/2024 With Mining Revenues Of $1,983,250 And Positive Earnings Of $0.05 Cents Per Share • INTV • May 15, 2024 10:30 AM