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Replies to post #7983 on Integral Technologies Inc. (fka ITKG)
4 months ago
POLYONE DEAL: It’s a sale and a “maybe” licensing deal.
They basically sold two accounts and a lifetime “irrevocable” license for ten patents
IT IS UNBELIEVABLE THAT INTEGRAL HAS TO REFER CUSTOMERS TO POLYONE WITHOUT A GUARUNTEE THAT POLYONE WILL USE ELECTRIPLAST OR PAY ROYALTIES
PolyOne only has to make “Reasonable Commercial Efforts” to use Electriplast.
PolyOne has a lifetime, irrevocable license to the ten patents
PolyOne gets two customers, only having to make reasonable efforts to use Electriplast.
PolyOne can cancel for no reason, while maintaining the irrevocable licenses.
If PolyOne uses Electriplast, they have to pay royalties. They have their own product.
They essentially sold existing business and the automotive electronics (plus) market for $1 million dollars. It’s all there in black and white. PolyOne only needs to make “reasonable” efforts to commercialize Electriplast but have lifelong licenses on the below listed patents. The contract specifically states that the $ 1million is for the existing business, and Integrals “Non-Assertion of Patents” for the below listed IP. PolyOne already has a decent portfolio, as Steve has pointed out. Integral can’t compete with PolyOne in these markets, forever, But PolyOne can compete with Integral. Integral must refer all potential customers (in the field) to PolyOne without a guarantee that PolyOne will use Electriplast or pay any royalties. PolyOne can cancel the agreement and still have lifetime license for the patents with out Integral ever suing them
2.3 Non-Assertion of Patents. In further consideration for payment of the Upfront Fee only, Integral, for itself and any successors or assigns, hereby forever and irrevocably covenants not to assert any of the Patents against PolyOne, its Affiliates, and all Customers with respect to any claim Integral may have in the Field in the Territory.
4.2 Referral to PolyOne. Promptly after the Effective Date, Integral shall inform all Existing Purchasers that PolyOne is authorized by Integral to manufacture and supply Licensed Materials for use in the Field, and, during the Term, Integral shall refer solely and exclusively to PolyOne all orders, requests, or other inquiries from any Existing Purchasers concerning Licensed Materials for use in the Field (“Referred Business”). During the Term, PolyOne shall use commercially reasonable efforts to address the Referred Business.
10.2.2 By PolyOne. PolyOne shall have the right to terminate this Agreement, prior to the expiration of the Term, for any cause or for no cause, upon providing one (1) year’s prior written notice to Integral
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