We entered into a Distributorship Agreement with WILD Procurement Gmbh, a Swiss corporation ("WILD Procurement") which is an affiliate of
WILD Flavors. Under the terms of this agreement, we appointed WILD Procurement as a non-exclusive world-wide distributor for the resale of our stevia
products. There are no minimum purchase quantities under the agreement, and the pricing and terms of each order will be negotiated by the parties at the time each
purchase order is placed. The agreement restricts WILD Procurement from purchasing steviosides or other forms of stevia that are included in our products from
sources other than our company under certain circumstances. In addition, at such time as we desire to offer new products, we must first offer WILD Procurement
the non-exclusive right to distribute those products and the parties will have 60 days to reach mutually agreeable terms. The agreement contains certain
representations by us as to the quality of the products we may sell WILD Procurement and the products' compliance with applicable laws and good manufacturing
practices, as well as customary confidentiality and indemnification provisions.
In the event WILD Procurement should fund research on stevia used in food, beverage or dietary supplement applications, and as a result of this research
it develops new intellectual property, such intellectual property shall be the sole property of WILD Procurement. In the event we should jointly fund research, any
new intellectual property developed from this effort will be jointly owned and each party will have the right to use the developed intellectual property in steviabased
products.
The agreement is for an initial term of 12 months and will automatically renew for successive 12 month terms unless the agreement has been terminated
by either party upon 45 days prior written notice. There are no assurances any purchase orders will be placed under the terms of the Distribution Agreement. The
agreement may also be terminated by either party upon a material breach by the other party, or upon the filing of a bankruptcy petition, both subject to certain cure
periods. In the event the agreement is terminated, WILD Procurement has the right to continue to distribute our products on a non-exclusive basis for 24 months
upon terms and conditions to be negotiated by the parties. This agreement is still in effect as of today
zu lesen auf Seite 5 im Bericht.
www.otcmarkets.com/edgar/GetFilingPdf?FilingID=11590498
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