Cytogenix (fka CYGX)

[howardjoel]

In reading my proxy this caught my eye. tried to google it with no result so can someone who has been around explain?

"The Company entered into an agreement with HEMCO Onshore L.L.C.("Hemco")on april 6, 2001 in order toobtain $250000 of working capital. the note issued in exchange for the $ 250,000 has been paid in full by the company. Pursuant to this agreement the company assigned to Hemco an undivided 10 % ownership interest in (i) all of the US and International patents and patent applications owned by the company and (II) any US or international patent obtained, or patent application filed, after apr 6 2001 based on the intellectual property described in claus (1) of this sentence. The company has the right to acquire from Hemco the foregoing 10% interest for $1,000,000 until Apr. 6, 2003.

Thanks