BiLo Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On June 27, 2012, we entered into a Strategic Marketing Agreement (the “Agreement”) with BiLo Media, Inc. (“BiLo”) whereby we agreed to provide marketing services and act as an independent general advisor and consultant to BiLo on all matters related to the marketing of BiLo. The term of the Agreement is for a minimum period of two (2) months and the Agreement may be terminated by either party at any time after the initial two month period by giving 7 days prior written notice.
As consideration, BiLo has agreed to pay us commission equal to fifty percent of any net revenue derived from the sale of memberships for MyIngo.com which accrue during the term of the Agreement and are directly attributable to contacts, sources or introductions made by us.
A copy of the Agreement is filed as exhibit 10.1 hereto and is incorporated herein by reference.
Item 8.01 Other Events.
On June 28, 2012, we issued a press release announcing the launch of a discount gas program with BiLo Media. We are offering memberships in MyIngo.com to all our PeopleString members which will entitle them to purchase pre-paid discount gas cards.
A copy of the press release is filed as exhibit 99.1 hereto and is incorporated herein by reference.
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