PCT Ltd (PCTL)

[beer$$money]

Settlement proposal from Annihilare, Inc

basic skinny is this:

FORM 10-Q June 30, 2019

On July 30, 2019, the Company accepted a settlement proposal from Annihilare, Inc. (a sub-registrant of the Company’s US EPA Registration No. 92108-1) and its affiliated company, Prime ITS (a prior owner of Annihilyzer Inc, which transferred previously noted intangible IT assets to PCT LTD for 2,250,000 shares of the Company’s common stock in November of 2016).

The settlement agreement included credit to the Company by Prime ITS in the gross amount of $23,209 on the Company’s payable to Prime ITS for a combination of a portion of Marty Paris’ salary, a resignation from Marty Paris effective July 31, 2019, and equal valued amount of PCT’s inventory, for net credit to PCT in the amount of $13,939, which was received by the Company on July 31, 2019. The transaction was completed on August 1, 2019.
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

On August 8, 2019, the Company received notice from PRIME ITS that certain technology services utilized by the Company shall cease to be provided, effective September 8, 2019. The Company will obtain competitive quotes from other technology services providers.



On August 8, 2019, the Company received notice from Annihilare, Inc. that certain intellectual properties developed jointly between the Company and Annihilare are to be discontinued from use by the Company and its customers.

The Company disputes the claims from Annihilare that the intellectual properties are exclusively Annihilare’s and are in discussions with Annihilare on this point.

Until this issue is resolved, the impact to the Company is minimal because the Company’s healthcare customers primarily benefit from the disinfecting fluid solutions utilized by deploying the Company’s Annihilyzer Infection Control System, along with the Company-owned, patent-protected RFID disinfectant/material tracking system.

The disputed issue is relative to a protocol software system, which is not a necessary feature of the Company’s Annihilyzer Infection Control System. The protocol software system is considered a complimentary feature and the Company expended employee time and expertise in its development

https://www.otcmarkets.com/filing/html?id=13644261&guid=rXXjUHExvffm83h

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Dclutch72 Thursday, 01/02/20 05:31:26 PM

PCTL didn't really "invent" the tech. They mostly bought the company and the product from the company that did. Took over their location and even some of their employees. Some components/processes were developed jointly.

There's obviously been an ongoing dispute between these two entities for some time over what belongs to who and who can use what, etc. It's been listed in filings before.

So Annihilare is the "new" company (meaning the "old" company) and they're trying to get back in to what they do with basically the same product just slightly different.

It's been known to longs for a while now and none of us are bothered or worried by it. It's all good #thumbsup

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