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Saturday, May 21, 2011 8:06:13 PM
The Bieber Agreement
While we actually entered into agreements with Justin Bieber Brands, LLC and two associates (collectively, the “Bieber Group”), the agreements are identical except with regard to the number of warrants and sales royalties. Each agreement revolves around Justin Bieber’s endorsement of DriveSafe. The key terms are:
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Three year terms with Justin Bieber having the right to terminate after one year in which case the other two agreements terminate;
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Covers North America, Central America and South America;
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Warrants to purchase 121,160,749 shares of common stock at $0.01 per share or a total of 16.4% of the Company on a fully diluted basis, exercisable over three years with full anti-dilution protection for sales below the exercise price;
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Pre-emptive rights for sales of equity and common stock equivalents above $0.01 per share so the Bieber Group may maintain their 16.4% ownership right; and
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Sales royalties based on all sales of DriveSafe during the term.
If this is not enough to convince you there is a contract in place then you may wanna try contacting JBs handlers and work it out with them.
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