Business
BRK Shareholder Update on Key Commercial and Strategic Developments
BRK Shareholder Update on Key Commercial and Strategic Developments.
About this update from Gen 2 Technologies Inc.
[{"type":"text","content":"\n\n\n\nBRK Shareholder Update on Key Commercial and Strategic Developments\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 Shareholder Update on Key Commercial and Strategic Developments\nPR Newswire\nHENDERSON, Nev., July 24, 2020\n\n\n\nHENDERSON, Nev., July 24, 2020 /PRNewswire/ -- BRK, Inc. (the \"Company\") (OTC: BRKK) wishes to inform its shareholders that it is progressing its turnkey camera solutions business via a near term focus on the following verticals: US Golf, North American MMA, North American Basketball, European Soccer, Global Surfing and a European Sports Broadcaster. The commercialization of these verticals will be executed by our previously disclosed new corporate entity, Gen 2 Technologies Inc. Shareholders of BRK will receive 10% of shares in Gen 2 Technologies. In addition, under the terms of a newly augmented IP Agreement, BRK shall receive royalties of ten percent (10%) of net revenues for ten (10) years. At year ten, Gen 2 Technologies will have an option to buy the core IP from BRK for USD$50M.\nRelating to the recently announced Project Phoenix, all proprietary chip, sensor and cutting edge camera development will be housed within a new, third company, of which shareholders of BRK shall own 10%. Management has engaged in conversations pertaining to the development and commercialization of said technologies. Management has obtained key support for future capital market financing activities subject to the development of adequate commercial prototypes.  \nWe believe that the new business line opened by Project Phoenix will allow for substantial economies of scale and broad licensing opportunities. The third company will pay BRK a cash dividend of 3% of net cashflow per annum.\nBRK Inc. (OTC PINK: BRKK), established in 2008, BRK is the next generation in live-action broadcasting technology. We are a full-service provider geared to professional leagues and athletes, whether it be traditional sports, extreme sports or esports, and that will allow fans to watch them in action from  perspectives that do not exist today. Our niche ...