BrewBilt Manufacturing Inc (BBRW)

[zoomboom]

The $4M was in preferred shares for the rights / and IP of the CBD Extraction Technology among other CBD related licenses they acquired. The $4M covers 5 years of the licensing.

This was negotiated at same time as reverse merger.


“On November 19, 2019, the Company entered into a Distribution & Licensing Agreement with Bgreen Partners, Inc., a California Corporation. The Agreement provides exclusive rights to various cannabis and agricultural products inclusive of grow-containers and CBD Extraction Systems to be used for mobile processing. The IP and rights are valued at $4,000,000 based upon a 5 year term. As consideration for the the IP and rights, the Company shall issue, or cause to be issued, $ 4,000,000 worth of Preferred Series A Stock (PAR $.001) within thirty (30) days from the date of this agreement. The number of Preferred Series A shares to be issued is 400,000 Preferred Series A shares at a price of $10.00 per share and convertible pursuant the conversion rights as specified in the Articles of Incorporation and certificate of designation for VTNL.”


https://www.otcmarkets.com/filing/html?id=13757729&guid=yK_6UnZYzV0m0yh