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Unitech Energy announces a technology licensing agreement
Unitech Energy announces a technology licensing agreement.
About this update from Decimus Oil Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, May 17 /CNW/ - Unitech Energy Resources Inc. ("Unitech")\n(TSXV: URX) is pleased to announce that it has entered into a technology\nlicensing agreement (the "License") with Quantum Yield Inc. ("Quantum")\npursuant to which Quantum has been granted the right to use Unitech's\nproprietary image analysis and pattern recognition system, called Leadscan,\nand any updates and improvements, for its own internal use to identify\ngeographic areas over which to conduct seismic programs within Canada (the\n"License Rights"). Quantum shall have no right to assign, sell or sublicense\nany rights under the License and Unitech shall be entitled to use the LeadScan\nsystem and all improvements and data for its own internal uses or license the\nLeadScan system and all improvements and data to a third party for any purpose\nother than the License Rights. The License also provides that Unitech shall be\nthe owner of all right, title and interest in and to any improvements, data\nand the intellectual property associated with the LeadScan system and Quantum\nhas agreed to assign, transfer and set over to Unitech, without further\ncompensation, all of Quantum's rights, title and interest in and to any and\nall improvements, data and the intellectual property associated with the\nLeadScan system that Quantum may conceive, make, suggest, develop or discover.\n\n\nIn consideration for the License Rights, Quantum will pay Unitech a\nlicensing fee of $500,000 per year for a period of 10 years, payable on\nDecember 31 of each year beginning on December 31, 2007. In the event of a\nmaterial breach or default by Quantum, including failure to pay the licensing\nfees when due, the License will terminate and the full amount of the licensing\nfees for the term of the License (being $5,000,000), less any payments that\nhave been received by Unitech from Quantum prior to the date of termination,\nwill become due and payable to Unitech in full. There is no assurance that\nQuantum will be able to make payment of the licensing fees.\n\n\nUnitech also announces that it has loaned Quantum the sum of $200,000 to\nassist Quantum in the start up of its business operations. The loan bears\nsimple interest at the rate of 10% per annum, with the principal amount of the\nloan and all interest due and payable on December...