Alkame Holdings Inc (ALKM)

[1st-time]

2014's 10K Full of Information

Ready Made Inc, just got patent approved, insert-text-here

Binding Memorandum of Understanding to form a joint venture (the “MOU”) with Read Made, Inc.



On January 22, 2015, Alkame Holdings, Inc., a Nevada corporation (the “Company”) entered into a binding Memorandum of Understanding to form a joint venture (the “MOU”) with Read Made, Inc., a Florida corporation (“Ready Made”). The purpose of the joint venture is to develop intellectual property associated with single use disposable baby bottles and market the completed products in the US and international markets.



The material terms of the MOU for this joint venture are as follows:



1. The parties will form a Florida limited liability company (the “Joint Venture”), with each party owning 50% of the Joint Venture;
2. The Company and Ready Made will contribute intellectual property, relationships and resources to the Joint Venture pursuant to a license agreement;
3. The Company will contribute capital through loans as necessary to operate the initial phases of the Joint Venture pursuant to a budget approved by the parties;
4. Ready Made will manage the day-to-day operations of the Joint Venture;
5. A board of directors will be established for the Joint Venture, with each of the Company and Ready Made nominating two directors;
6. The parties agreed that employment agreements may be entered into with a stipend for the initial period;
7. Ready Made will have the option to convert its 50% interest in the Joint Venture into common stock of the Company. Upon such an election to convert, a third party appraiser will determine the fair market value of Ready Made’s 50% interest in the Joint Venture. The value of Ready Made’s interest will then be converted into common stock of the Company based on the average closing sales price of its common stock for the 10 days preceding the date of conversion;
8. The parties will have a right of first refusal in the event that either desires to transfer its 50% ownership;