Here you go Mani. $15,000, that's all that was paid. No cost for any Research and Development, the product is ready for market. If we sell less than $100K of brake fluid we should recoup that investment back, not too bad of a deal in my opinion and I am expecting it to be a very good deal if we do have our foot in the door in Nascar and IRL.
Time will tell. In the meantime Wachhollz will still make $ in royalties, so he will not be disappointed.
8-k filed August 16, 2005......
On August 10, 2005, the Motorsports Emporium, Inc. (the "Company") entered
into a License Agreement with Michael G. Wachholz ("Wachholz"), under which the
Company has licensed from Wachholz certain Technology including known-how,
services, product and blend applications techniques and specifications, and the
exclusive right to use, manufacture, have manufactured, sell and distribute
Prospeed GS610 Maximum Performance Brake Fluid. In addition, the Company has
licensed from Wachholz the right to use the trademarks "Brake Deeper. Harder,
Longer!", "Prospeed", "Prospeed Motorsport", "GS610", and "GS610 Maximum
Performance Brake Fluid," and has also licensed for the Company's use, the
websites www.prospeedmotorsports.com and www.gs610.com .
The term of the License Agreement is five (5) years with an option to
extent the term for an additional five (5) years at the sole discretion of the
Company. Pursuant to the terms of the License Agreement, the Company shall pay
an initial licensee fee of fifteen thousand dollars ($15,000), along with a
monthly royalty fee equal to seven percent (7%) on all collected gross sales as
it relates to the Licensed Product sold. Royalty payments shall be due within
ten (10) days after the end of each calendar month accompanied.
A copy of the License Agreement is attached hereto and incorporated by
reference.
