How does whom become a major shareholder in Xpress Korea?
This is all speculation of course, but:
A NEWCO or JV can easily be set up where Infrabasic puts up all of the working capital, marketing, campaign management, delivery etc. and Wave simply provides an exclusive license agreement to the venture. Infrabasic become a major shareholder in the venture, and Wave could get paid on revenues received, and could also (perhaps) receive shares in a company that today, is worth basically nothing.
Although in the end, Wave does get paid in this scenario in more than one way (license and shares), which I suppose supports your beliefs (hence the question), but anytime shares are worth nothing at the beginning of the venture, I don't consider that getting paid.
Again - pure speculation for how the deal could be structured without money changing hands. The exclusivity stays in effect as long as the hurdles are met, while the shares (possible shares) stay in Wave's posession forever. Of course, if shares are part of the deal, we should see that disclosed in Wave's financial statements.
T123
