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Replies to post #15934 on Protagenic Therapeutics Inc. (PTIX)
01/15/12 11:54 PM
Item 7.01
Regulation FD Disclosure
Atrinsic, Inc. (the “Company”) is today announcing that it is winding down its support of the Kazaa digital music subscription business. The Company is continuing to operate its agency business as well as its other subscription businesses.
http://www.sec.gov/Archives/edgar/data/1022899/000114420411068005/v242221_8k.htm
Item 1.02 Termination of a Material Definitive Agreement
The following agreements with Brilliant Digital Entertainment, Inc. (“Brilliant Digital”) were terminated pursuant to notices received from Brilliant Digital which allege various events of default under the agreements by the Company:
·
Master Services Agreement by and between the Company and Brilliant Digital, dated March 26, 2010, as amended. (terminated effective as of December 28, 2011)
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Marketing Services Agreement by and between the Company and Brilliant Digital, dated March 26, 2010, as amended. (terminated effective as of December 28, 2011)
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Asset Purchase Agreement by and among the Company, Brilliant Digital and Altnet, Inc. dated October 13, 2010, as amended. (terminated effective as of December 13, 2011)
The Marketing Services Agreement and the Master Services Agreement relate to the operation and marketing of the Kazaa digital music service, which was jointly operated by the Company and Brilliant Digital. The Asset Purchase Agreement provided the terms for the purchase from Brilliant Digital of its assets that related to the Kazaa business.
In addition to being party to the above agreements with Brilliant Digital, Brilliant Digital is a significant owner of the Company’s common stock and also purchased Notes in the original aggregate principal amount of $2,200,000 in the Company’s May 2011 financing.
http://www.sec.gov/Archives/edgar/data/1022899/000114420411071997/v244255_8k.htm
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