Replies to post #52112 on Wanderport Corp (WDRP)

[Gold_Icon]

I have to re read again because I dont remember seeing the patent used as collateral in the deal. Wasnt Tirex just leasing the technology to them ??. Tirex patent only have 3 years left, by the time that issue is resolved it will have expired long ago. My other question is, whos making the deal with the Italians for the plant ReGenesis or WDRP??.
Found this...

7.3 So long as Licensor shall retain control of the Licensed Patent and/or TCS System. Licensor nonetheless acknowledges that the Licensed Patent and/or TCS System is not assignable, can not be pledged as collateral or sold at any time without the written concurrence of Licensee.



7.4 In the event of any creditor(s) actions, as described below (whether voluntary or involuntary), all rights to the Licensed Patent and to the TCS System, shall thereupon vest in the Licensee and any and all rights of Licensor shall immediately cease, leaving the Licensor with no further rights whatsoever, all such rights becoming vested in Licensee:

a) Licensor becomes insolvent, declares bankruptcy, or fails to make any payment required by this Agreement within ninety (90) days of its due date; or

b) Licensor dissolves or attempts to dissolve either voluntarily or involuntarily; or

c) Licensor is unable to meet its current obligations, and remains unable to do so, for a period of ninety (90) days thereafter; or

d) state or federal regulatory actions (such as by the SEC) or· any other action by a third party that has jeopardized or shall jeopardize the value of the patent.

[Gold_Icon]

I also found this so not sure they are at fault in the whole failure of the deal...

SECTION 5: CONSIDERATION; PERFORMANCE STANDARDS.
5.1 As partial consideration for the Licensor granting the within License to Licensee for the Licensed Territory, the Licensee shall be responsible for engaging the necessary legal and accounting professionals to take the necessary actions to ensure that the Licensor is in full compliance with United States Securities and Exchange Commission (the “Commission”) reporting responsibilities and Licensee shall be responsible for bearing all costs associated therewith. Licensee agrees to diligently pursue said compliance immediately upon the execution hereof by all Parties. This responsibility includes Licensor becoming current and continuing to keep current its Section 12(g) reporting company status, including making all associated filings

Form 8-K for TIREX CORP
--------------------------------------------------------------------------------

25-Nov-2013

Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement
On April 19, 2013, we entered into an agreement with Green Recycling Technologies International ("GRSI") (the "Agreement") requiring GRSI to pay all legal and accounting professionals necessary to complete an audit to bring us to a current reporting status with our SEC reporting obligations, including the preparation of unaudited and audited financial statements to be contained in our periodic reports that are delinquent.

Tirex management has determined that GRSI has breached the terms of the Agreement by refusing to pay the auditor costs pertaining to the review of our unaudited financial statements and audit of our audited financial statements, thereby causing an indefinite delay in becoming current in our SEC reporting obligations.

On November 7, 2013, our legal counsel informed GRSI by written correspondence that because it had breached the terms of the Agreement, the Agreement was null and void. Tirex management allowed subsequent time for GRSI to respond. To date, we have not received a response from GRSI.