Tuesday, June 29, 2010 1:45:45 PM
Distribution Agreement
On April 29, 2009, the Company entered into a Distribution Agreement with a German distributor pursuant to which the Company granted such distributor the exclusive right (subject to minimum sales in the first year) to advertise, market and sell our ionic bulb product in Germany, Austria, Switzerland, Liechtenstein, Czech Republic, Slovakia, Hungary, Romania and Poland (the “Territory”). Upon satisfactory sales of an initial order (in dealer’s reasonable discretion) of 5,000 units of the Company’s ionic bulb product, the distributor agreed to purchase 5,000 units of the Company’s ionic bulb product per month during the first year of the contact to maintain exclusive status in the Territory. The Company also granted distributor a license to use certain marketing material to advertise and sell the ionic bulb product. Such distributor also agreed to maintain general and product liability insurance in an amount of at least $1,000,000 and agreed to name the Company as an additional insured under such policy. The term of the agreement is for one year and will be automatically renewed for successive one year periods if the minimum quantities (5,000/month and 60,000/year) are met.
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