Brand License Agreement - On August 12, 2020, Company signed a renegotiated the Exclusive Brand License Agreement with International Spirits Vault Ltd. Over the past 3 years, Rooshine, Inc. has benefited greatly from its existing BLA with ISV, Ltd. with the development of 10 proprietary premium bespoke spirits (i.e. # gin, # vodka, # rum, # whiskey, # scotch whiskey). As the working relationship between the principals at ISV, Ltd. and the Management of Rooshine, Inc. has grown stronger, so too has the desire for stronger partnership between the two entities. To that end, Rooshine, Inc. and ISV, Ltd have amended the existing brand license agreement for an initial term of 10 years with 5-year autorenewals commencing on the date of first sales in the US Market. Furthermore, to ensure the long term viability of the Rooshine, Inc. entity the amended BLA includes a call option for Rooshine, Inc. to acquire from ISV, Ltd the Rooshine, Inc. Trademark and product recipes once debt due to the principals of ISV, Ltd is satisfied.
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