Hop-On Inc (HPNN)

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http://www.ciol.com/ciol/news/210965/hop-announces-loi-chinese-manufacturer

Hop-on is not at liberty to announce the identity of the manufacturer due to confidentiality provisions in the letter of intent

News | CIOL Bureau

TEMECULA, USA: Hop-on Inc. announced that its has a signed Letter of Intent with a Chinese manufacturer anticipating $100,000,000 in revenue under the IPR enjoyed by the company.
Of major interest to all shareholders is the recently executed Letter of Intent with a Chinese ODM regarding licensing of intellectual property rights by the Company under recently announced agreements.

This Letter of Intent calls for an initial payment of $150,000; ongoing intellectual property royalties in accordance with the company's IP agreements; and the distribution of this Chinese manufacturer's products, initially a smartphone, in the United States and Europe, under the Hop-on brand.

Hop-on is not at liberty to announce the identity of the manufacturer due to confidentiality provisions in the letter of intent that prevent identification of the Chinese manufacturer at this time. The Letter of Intent calls for a more formal agreement, which is currently being negotiated. Finally, the Letter of Intent requires the company to close the transaction in China, which Michaels anticipates within the next two weeks.