IPLY up on 8K, no pr yet
As of April 4, 2007, the Company entered into, an Asset Purchase Agreement (the
"APA") and a Trademark License Agreement (the "License Back") with Bethesda
Softworks LLC, a video game developer and publisher ("Bethesda"), regarding
"FALLOUT", an intellectual property which was owned by the Company (the "IP").
Although such agreements were signed on April 4, 2007 they were agreed not to be
binding until closing which occurred on April 9, 2007.
Under the APA, the Company sold all of its rights to the IP to Bethesda for a
total amount of $5,750,000.00 payable to the Company, subject to various
conditions, in three cash installments. The first installment of $2,000,000.00
was paid following closing when $200,000.00 was paid to the Company and
$1,800,000.00 was deposited into an escrow account to satisfy various
liabilities. The Company expects to have fulfilled its obligations under the APA
and to receive full payment during the third quarter of 2007. The Company had
previously, on June 29, 2004, entered into, an exclusive licensing agreement
with Bethesda, regarding the IP which was superseded by the APA.
Under the License Back the Company obtained an exclusive license, under certain
conditions, to use the IP for the purpose of developing an Interplay branded
Fallout Massively Multiplayer Online Game ("MMOG").
This is not a reco to buy! Please do your DD!
