New ZVTK CEO: On May 7, 2012, Mr. Jason Ryu was appointed as Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director due to the resignation of Mr. Robert Babkie on March 19, 2012. Prior to his appointment, the Company entered into a certain Exclusive License and Sales Agreement and a Purchasing Representative Agreement with Mr. Ryu as fully discussed in Note I.
NOTE I:
On February 24, 2009, the Company entered into an Exclusive License and Sales Agreement whereby the Company obtained worldwide exclusive rights to manufacture, market, use, sell, distribute and advertise certain licensed products. The license is on a year to year basis with automatic renewal and is subject to becoming non-exclusive should the Company fail to file all quarterly and annual reports by their respective due dates, inclusive of allowable extensions. In exchange for the exclusive license, the Company issued 500 shares of its common stock.
On March 2, 2011, the Company and the Ionic Bulb patent holder entered into a non-exclusive Purchasing Representative Agreement whereby the patent holder agreed to introduce the Company to a new third party manufacturer that will produce a next generation version of the Ionic Bulb with new features and improved manufacturing cost. Additionally, the patent holder affirmed his obligation to defend against patent infringement. The Company agreed to pay patent holder a fixed amount per Ionic Bulb ordered from the new manufacturer. As agreed by both parties, the Company made an advance fee payment by issuance of 5,000 shares of the Company’s restricted stock which was valued at $5,500 and is included in prepayments as of March 31, 2012 and an additional 17,045 shares of common stock valued at $3,750 as a result of a decline in market price and charged to operations . The value of the restricted shares applied to payment of the fees was based upon the average closing price of the Company's common stock for the ten trading days preceding the date on which the restrictive stock legend was to be removed. The term of the agreement is three years with one-year automatic renewals that are subject to minimum fee payments to the patent holder for the first and second renewal term, respectively (Note C).
Gung H2O License
On December 10, 2010, the Company entered into an Exclusive License and Sales Agreement whereby the Company has worldwide exclusive rights to develop, manufacture, market, use, sell, distribute and advertise a U.S. patented new product named Gung H2O that reduces water use in the home. The license has a five-year initial term with automatic annual renewals and is not subject to minimum payments to the licensor.
Recent Updates
On March 19, 2012, Robert Babkie resigned as our President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director and on May 7, 2012, Jason Ryu was appointed as our Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director. Mr. Ryu and the Company are a party to that certain Exclusive License and Sales Agreement dated as of February 24, 2009 pursuant to which Mr. Ryu granted the Company a worldwide exclusive license to manufacture, market, use, sell, distribute and advertise the Ionic Bulb. In consideration for the license, the Company issued Mr. Ryu 500 shares of common stock. Under the February 2009 Agreement, the Company also retained Mr. Ryu as a non-exclusive independent contractor sales representative to obtain purchase orders of the licensed products on behalf of the Company. Mr. Ryu and the Company are also parties to that certain non exclusive Purchasing Representative Agreement dated as of March 2, 2011 pursuant to which Mr. Ryu would identify certain manufacturers of the Ionic Bulb in consideration for 5,000 shares of the Company’s common stock, valued at $5,500, which represents a prepayment of Mr. Ryu’s fee based on his right to receive payments based on the Company’s purchase cost of the Ionic Bulb from the identified manufacturers. A s a result of a decline in market price, Mr Ryu received an additional 17,045 shares of the Company’s common stock, valued at $3,750, which was charged to operations. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8632669
I guess we'll see then what Ryu intends to do from here.
ZVTK has $17.00 in the bank and over $2.5 million in Current Liabilities. The new CEO will have to gain voting control and Reverse Split again which will remove the "dead wood" as you so put it.
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