Business
Jenex Signs Exclusive License Agreement with Luminar Media Group Inc. for USD $250,000 for Jenex's Next Generation Thermal Therapy Insect Device
TORONTO, ON / ACCESSWIRE / November 3, 2016 / THE JENEX CORPORATION (TSXV: JEN.H) ("Jenex" o...
About this update from Therma Bright Inc.
[{"type":"text","content":"Jenex Signs Exclusive License Agreement with Luminar Media Group Inc. for USD $250,000 for Jenex's Next Generation Thermal Therapy Insect DeviceTORONTO, ON / ACCESSWIRE / November 3, 2016 / THE JENEX CORPORATION (TSXV: JEN.H) (\"Jenex\" or the \"Corporation\"), Rob Fia, CEO and Chairman of Jenex, reports the Corporation has entered into an exclusive license agreement (the \"License\") with Luminar Media Group Inc. of Aventura, Florida to market Jenex's next generation thermal therapy insect device (the \"Device\"). Luminar has an extensive contact base with Over the Counter (\"OTC\") retail distribution channels in the US. Europe and Asia. The License is subject to TSX Venture Exchange approval.\nThe License allows Luminar the exclusive right to market the Device in all markets outside of Canada including the United States, Europe and Asia. Jenex maintains the marketing rights for the Canadian market and will own all intellectual property related to the Device. Jenex is investigating various names to identify the Device and a trademark. The Device will incorporate a proprietary silver anti-microbial coating along with other new features. As previously announced, Jenex is working with Microbonds Inc., an advanced coatings and electrical design company, to complete the design of the Device. Jenex expects to have a working Device prototype in the next 30-45 days.\nJenex is pleased to announce it has received an initial USD $25,000 as outlined in the License, which includes the following additional milestone payments:\n\n \n USD $25,000 by November 15th, 2016 \n \n \n USD $75,000 by December 15th, 2016\n \n \n USD $125,000 by February 28th, 2017\n \n\nJenex will receive a royalty payment equal to 10% of gross sales of the Device up to the first 100,000 units sold and 5% of gross sales of the Device thereafter. The royalty is payable quarterly. Luminar must meet minimum sales targets of 10,000 units sold in the first 12 months from signing the License, 50,000 units sold by 24 months following the signing of the License and 100,000 units sold by 36 months from signing of the License. Luminar must continue to sell a minimum of 100,000 units per year beyond 36 months from signing of the License.\nIn exchange for the above milestone and royalty payments Jenex will commit to obtaining all regulatory approvals with the FDA and other regula...