Business
James E. Wagner Cultivation Corporation Announces Letter of Intent to License Its Technology to Ascendo Group (PTY) Ltd.
James E. Wagner Cultivation Corporation Announces Letter of Intent to License Its Technology to Ascendo Group (PTY) Ltd..
About this update from James E Wagner Cultivation Corp
[{"type":"text","content":"\nKITCHENER, Ontario, April 23, 2019 (GLOBE NEWSWIRE) -- James E. Wagner Cultivation Corporation (“JWC” or the “Corporation”) (TSX VENTURE: JWCA; OTCQX: JWCAF), is pleased to announce that on April 17, 2019, it entered into a non-binding Letter of Intent (“LOI”) to provide a Technology Licence for its GrowthSTORM™ Dual Droplet™ System to Ascendo Group (PTY) Ltd. (“Ascendo Group” or the “Licensee”), for use at the Licensee’s proposed cultivation facility in South Africa. It has been and continues to be JWC’s vision that the GrowthSTORM Dual Droplet System, which has been engineered for cannabis cultivation, has global applicability. This LOI establishes the first step in bringing that vision to the reality of an international application of the technology.\n Both parties have agreed to continue negotiations with the intent of executing a Definitive Agreement, at which time JWC will provide the Licensee with technology rights and proprietary knowledge of its technology and equipment for use in the growth and cultivation of plants at the Licensee’s proposed cultivation facility, located in South Africa. Pursuant to the LOI, the terms of the Definitive Agreement, once executed, will include a royalty term to provide JWC with a fixed percentage of the total revenues earned from the Licensee’s proposed cultivation facility. The royalty is to be provided for the whole term that the Technology Licence is in place under the Definitive Agreement, as compensation for the consulting services and materials, and for the Technology Licence, as provided to the Licensee. The percentage amount of the royalty will be determined by the package of services and materials which the Licensee elects to subscribe for under the Definitive Agreement. “With this agreement to support Ascendo Group as they work toward beginning the cultivation of cannabis in South Africa, JWC has taken an important step in bringing the GrowthSTORM™ Dual Droplet System to the world stage. Alongside Ascendo and our other GrowthSTORM™ family companies, JWC will continue to develop unique technologies and advance the adoption of aeroponic cultivation practises around the world. We are excited to be a part of the Ascendo Group’s journey as they work to begin cann...