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MAX-D HD Enters Term Sheet to Sell Audio Technology to New Developer
MAX-D HD Enters Term Sheet to Sell Audio Technology to New Developer.
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[{"type":"text","content":"\nMAX-D HD Enters Term Sheet to Sell Audio Technology to New Developer\n\nMAX-D HD Enters Term Sheet to Sell Audio Technology to New Developer\n\n\n SAN DIEGO, CA--(Marketwired - April 21, 2016) - \n Max Sound Corporation\n (OTCQB: MAXD), the innovators of MAX-D, the disruptive HD Audio Technology, announced today it entered into a Term Sheet with Imperalis Holdings (OTC PINK: IMHC) for Imperalis' acquisition of certain MAXD HD Audio Technology IP component assets. The Deal: The purchase price to be paid to MAX-D shall be 48,000,000 shares; the shares will be restricted shares of common stock, restricted for one year, to be issued upon closing. Within 30 days of the final verification of certain assets, MAX-D shall declare a special dividend payable to its shareholders in accordance with applicable corporate law consisting of the purchase shares. Under the Terms of the fully executed Term Sheet, the purchaser shall acquire (with certain exceptions) all right, title and interest in and to the MAX-D Audio Technology's Intellectual Property\nincluding all precursors, portions and work in progress with respect thereto and all inventions, works of authorship, mask works, technology, information, know-how, materials and tools relating thereto or to the development, support or maintenance thereof and all copyrights, patent rights, trade secret rights, trademark rights, mask works rights and all other intellectual and industrial property rights of any sort incorporated or embodied in, used to develop, or related to any of the foregoing, as well as all license agreements or other contract rights related thereto including the Hexagon License Agreement with Qualcomm (the \"Assets\"). The deal will exclude the MAX-D brand (and related websites and trademarks), iOS and Android MAX-D consumer applications, the consumer database and highly anticipated retail stick drive product retained by MAX-D. MAX-D will also retain certain percentages of existing sales in year one and two.The anticipated closing date for the signing of the definitive agreement shall be on or before May 31, 2016.\n \"As I stated in my January 2016 update; my goal has always been to make MAX-D a household name. This sale will be beneficial to the MAX-D shareholders and will bring new strategic development to the technology. I believe this is the right move for us, ...