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BRK Announces Key Developments for Shareholders and the Commercialization of its Gen2 Portfolio
BRK Announces Key Developments for Shareholders and the Commercialization of its Gen2 Portfolio.
About this update from Gen 2 Technologies Inc.
[{"type":"text","content":"\n\n\n\nBRK Announces Key Developments for Shareholders and the Commercialization of its Gen2 Portfolio\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 Key Developments for Shareholders and the Commercialization of its Gen2 Portfolio\nPR Newswire\nHENDERSON, Nev., July 31, 2020\n\n\n\nHENDERSON, Nev., July 31, 2020 /PRNewswire/ -- BRK, Inc. (the \"Company\") (OTC: BRKK) (OTC: BRKKD) is pleased to inform its shareholders that as a result of the acceleration of the commercialization schedule of the Gen2 platform, management has made important amendments to the relationship between BRK and the previously disclosed separate private company Gen2. \nShareholders of BRK will, as before, hold a 10% equity stake in Gen2. However, the relationship between these two companies shall be governed by a commercialisation / marketing Agreement as opposed to a purely Intellectual Property (IP) / royalty contract.\nUnder terms of the new Agreement:\nBRK will retain all P&L and cash flows attributable to the commercialization of the Gen2 platform BRK shall retain full control and ownership of IP Gen2 shall be paid a service / marketing fee covering the costs necessary to effectively position the Gen2 platform in the marketplace and to drive sales At the end of the 3rd calendar year following the signing of the commercialization / marketing Agreement, Gen2 shall have the option to buy all control and rights, including IP, from BRK for upfront consideration in the amount of USD $50m, and a 10% of net revenue per annum payment to BRK, for seven (7) years Mr. Daniel Serruya, CEO, stated: \"Our priority is to continue to drive the quickest and most efficient path to commercialization of our exciting Gen2 platform and portfolio of products, which we shall be shortly unveiling to the general public and our loyal shareholder base. We have received encouraging feedback in our discussions with various investors and potential customers, and it is our belief that we will be in a position to announce our first commercial contract in the current quarter. We are activ...