Business
Intellitronix Meets Exclusivity Terms of Robotics Distribution Agreement
Intellitronix Meets Exclusivity Terms of Robotics Distribution Agreement.
About this update from Us Lighting Group, Inc.
[{"type":"text","content":"\nEASTLAKE, Ohio, June 29, 2018 (GLOBE NEWSWIRE) -- Intellitronix, a wholly-owned subsidiary of US Lighting Group (OTC:USLG), today announced that it has met the exclusivity term of its recently-enacted distribution agreement with Promobot LLC.\n “We are now in position to develop a market in the U.S. for Promobot’s service-oriented robot,” said Intellitronix CEO, Paul Spivak. “The market for service-oriented robots in the United States is substantial and we believe the robot is more than up to the challenge.” Recently, Intellitronix concluded an exclusive marketing agreement for Promobot for the United States under which the parties agreed to work together to develop new market applications.  The U.S. Distribution Agreement is exclusive to Intellitronix for a five-year period, which renews automatically on both parties’ consent.  US Light Group, Inc. has issued 500,000 shares of common stock to Promobot LLC in lieu of a $600,000 cash payment which satisfies the terms of the U.S. distribution agreement.  The Payment was a requirement of exclusivity on the part of Promobot LLC.  The two companies are now working together to expand those applications. About IntellitronixIntellitronix is a manufacturer of LED lighting, LED gauges and panels, which are energy-saving devices of high-quality automotive after-market products that are also available to consumers through vendors such as Home Depot. The Company also manufactures an array of LED energy-saving light bulbs.  All of the Company’s products are 'Made in the USA' at its own manufacturing facility located near Cleveland, Ohio. About Promobot LLCThe Limited Liability Company has engineered Eastern Europe’s first functional robot in terms of service-oriented applications with Promobot now in eighteen countries and growing.  The robots have been successful in automating processes as administrators, promoters, hosts, museum guides and financial consultants. Promobot LLC is now in its 4th generation of development with expanded capabilities that enhance and broaden market demand. Forward-Looking StatementsStatements included in this press release, other than statements of historical fact, are forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1...