Business
American Aires Inc. Announces Partnership Agreement with HUCK Project LLC
Toronto, Ontario--(Newsfile Corp. - August 28, 2023) - American Aires Inc. (CSE: WIFI) (OTC Pink:...
About this update from American Aires, Inc.
[{"type":"text","content":"American Aires Inc. Announces Partnership Agreement with HUCK Project LLCToronto, Ontario--(Newsfile Corp. - August 28, 2023) - American Aires Inc. (CSE: WIFI) (OTC Pink: AAIRF) (\"Aires\" or the \"Company\"), a leader in scientifically-proven EMF modulation technology, announces a Partnership Agreement with HUCK Project LLC (HUCK), whereby HUCK becomes the Company's non-exclusive global retail-only distribution partner.This partnership agreement bears a two-fold rationale. Firstly, management believes that this outsourcing strategically positions the Company as a pure biotechnology firm. With HUCK committing its resources to retail operations, the Company plans to focus on R&D, new product development and engaging into larger and more lucrative Original Equipment Manufacturer (OEM) deals. This new focus and royalty-based revenues are anticipated to re-shape the Company's operations and investor perception, improving the Company's valuation as it transforms from a working-capital heavy consumer product firm into an R&D-heavy entity with its business core rooted in deep technological and scientific expertise protected by patents. Secondly, by outsourcing retail operations to HUCK, the Company transfers the inventory financing burden over to HUCK, a US-based entity which is better positioned to source financing options to support the growing inventory investments. The partnership agreement is largely an extension of the working relationships already established between the Company and HUCK as it has been managing day-to-day operations of the Company's Shopify store and overseeing the entire sales, marketing and advertising functions since 2021. The agreement also gives complete flexibility over partnership economics to the Company through a set of two royalties, both to be set monthly by the Company. All of the Intellectual Property, Trademarks and Patents, including the Shopify store remain with the Company.Key points of the agreement:The Company shall grant to HUCK a non-exclusive, sublicensable licence to make, use, advertise, sell, promote, manufacture, the Intellectual Property, and to offer the Retail E-Commerce Services, worldwide.HUCK shall acquire from the Company all inventory of the Company (including current, in-transit and pending inventory) for the sum of C$684,038.HUCK shall maintain sufficient inventory to ...