Luminar Media Group Inc. Signs Exclusive License Agreement for USD $250,000 with Jenex For Next Generation Thermal Therapy Insect Device
Miami, Florida , Nov. 04, 2016 (GLOBE NEWSWIRE) -- Luminar Media Group, Inc. (Luminar, OTCMKTS: LRGR) and The Jenex Corporation (Jenex, NEX: JEN.H) are pleased to announce that the two companies have entered an exclusive license agreement for markets outside of Canada for Jenex’s novel thermal therapy device for use on insect bites and stings.
The License allows Luminar the exclusive right to market the device in all markets outside of Canada including the United States, Europe and Asia. Jenex maintains the marketing rights for the Canadian market and will own all intellectual property related to the device. Jenex is investigating various names to identify the device and intends to file trademark for the name that will also be licensed to Luminar. The device will incorporate a proprietary silver anti-microbial coating along with other new features. As previously announced, Jenex is working with Microbonds Inc., an advanced coatings and electrical design company, to complete the design of the device. Jenex expects to have a working device prototype in the next 30-45 days.
Jenex has received an initial USD $25,000 as outlined in the License, which also includes the following additional milestone payments:
USD $25,000 by November 15th, 2016
USD $75,000 by December 15th, 2016
USD $125,000 by February 28th, 2017
Jenex will receive a royalty payment equal to 10% of gross sales of the Device up to the first 100,000 units sold and 5% of gross sales of the Device thereafter. The royalty is payable quarterly. Luminar must meet minimum sales targets of 10,000 units sold in the first 12 months from signing the License, 50,000 units sold by 24 months following the signing of the License and 100,000 units sold by 36 months from signing of the License. Luminar must continue to sell a minimum of 100,000 units per year beyond 36 months from signing of the License.
In exchange for the above milestone and royalty payments Jenex will commit to obtaining all regulatory approvals with the FDA and other regulatory requirements in jurisdictions outside of the U.S. deemed necessary to market the product. Jenex will use its current FDA license for its former thermal therapy insect device and intends to apply for a Class II medical device that is indicated for the relief of the pain, itch, and inflammation from over 20,000 different insect stings and bites including bees, wasps, hornets, mosquitoes, black flies, and jelly fish. Jenex received approval for the above claims from the FDA (United States) in 1997. Jenex will utilize its ISO 13485 Quality Management System in any market that Luminar intends to market.
Rob Fia, CEO & Chairman of The Jenex Corporation comments:
“We are pleased to be partnering with Luminar to market our new device. We believe our next generation product will be revolutionary and rewarding for both companies. This License is an exciting development for our Company and shareholders and is due to ‘Outside the Box’ thinking at Luminar and all the hard work of our staff and valuable partners that have contributed to date. We will have more to report as we work towards finalizing a working prototype of the device.”
Chris Cook, Chairman of Luminar comments Chris Cook, Chairman of Luminar comments:
“We are very excited about our new partnership with The Jenex Corporation. The license agreement is an excellent opportunity for Luminar to increase shareholder value by leveraging Jenex’s unique thermal therapy device. Luminar will bring specialized expertise in marketing and digital media capabilities to the partnership with Jenex as we expand globally with this important new treatment device.”
About Jenex:
Jenex is a progressive medical device technology company focused on providing consumers with quality medical devices that address their dermatological needs. Clear and healthy skin for all is at the core of Jenex’s philosophy as is the belief that such outcomes should not be a privilege for only those who can afford costly procedures and treatments. The Company's breakthrough proprietary thermal therapy technology uses heat and light energy to deliver effective, non-invasive and pain free skin care. The Jenex Corporation trades on the NEX (NEX: JEN.H). For more information visit: www.thejenexcorporation.com or www.interceptcs.com
About Luminar:
The Luminar Media Group has extensive knowledge and experience in the media, marketing and entertainment industries. Our company was started by entrepreneurs that have a vision to identify new tools to communicate with the audience. Our presence is a natural response to a new way of working in a changing landscape. At Luminar, we embrace the challenge of the constantly evolving business landscape and our determined culture will develop solutions that evolve with the changing business paradigm.
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