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BRK Announces Creation of Operating Company for Commercialization of Its IP
BRK Announces Creation of Operating Company for Commercialization of Its IP.
About this update from Gen 2 Technologies Inc.
[{"type":"text","content":"\n\n\n\nBRK Announces Creation of Operating Company for Commercialization of Its IP\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBRK Announces Creation of Operating Company for Commercialization of Its IP\nPR Newswire\nHENDERSON, Nevada, May 29, 2020\n\n\n\nHENDERSON, Nevada, May 29, 2020 /PRNewswire/ BRK, Inc. (the \"Company\") (OTC: BRKK) the Company wishes to inform its shareholders that following the recent successful implementation of its FINRA approved reverse split, management will proceed quickly towards completing its corporate restructuring. As such, BRK will not be spinning off its valuable IP into a separate company but rather, retaining it in BRK along with its valued judgements and future litigation. To that end, management is currently finalizing the creation of a new entity, which will market the products and services enabled by BRK's patent-pending camera technologies. \nThe creation of this newly formed Operating Company (the\"OPCO\") envisions an IP Licensing Agreement over a three-year period of time, which will entail BRK retaining ten percent (10%) equity of OPCO and receive Royalty payments of five percent (5%) per year on the total revenues generated. At the end of the three-year period, there will be an option for OPCO to purchase said IP for USD$5 Million Dollars. \nMr. Michael Kovacocy, Director of Recapitalization, Restructuring and Investor Relations commented: \"With today's announcement, the restructuring of BRK is finally complete, giving the company an optimal profile for working with its capital markets and operational strategic partners.\" Daniel Serruya, CEO of BRK further commented: \"management believes that this structure will both better protect shareholders of BRK and ensure optimal exploitation and monetization of its valuable IP assets so as to maximize long-term shareholder value.\"\nBRK Inc. (OTC PINK: BRKK), established in 2008, is owner of the Helmet Camera intellectual property (patents-pending) that make the RefCam possible. With the acquisition of the live broadcast helmet camera patent, BRK is poised to enter sports m...