Arrayit Corporation (ARYC)

[The Big Lebowski]

They were supposed to supply 2 million dollars towards commercialization which did not happen in exchange for the IP.



ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
SUNNYVALE, California - September 15, 2014- Arrayit Corporation (OTCBB: ARYC) announces that on August 19, 2014, Arrayit Corporation entered into an agreement with Array Molecular Corp., a corporation owned by certain individual investors of Arrayit, including Irwin Zalcberg and Reuben Taub, to commercialize a DNA microarray platform for detecting pathogens in food. Under the terms of the agreement, Arrayit Corporation will contribute a license to its patents and all intellectual property associated with this test in exchange for 24% of the outstanding shares of Array Molecular. Array Molecular will provide at least $2 million toward the commercialization effort.

On or about September 19, 2014, Arrayit Corporation plans to file a Form S-1 to register up to 6.6 million shares in connection with Arrayit's 2013 Private Placement, which may be issued upon exercise of certain warrants to purchase common shares of Arrayit.

Further, Case 652454/2014 filed by Reuben Taub in New York against Rene Schena, Dr. Mark Schena and Todd Martinsky was dismissed on August 25, 2014.