Petrosonic Energy, Inc. Enters into Non-Exclusive Sales, Distribution, Manufacturing and License Agreement and Consulting Agreement with Kuai Le GU, LLC
May 23 14
On May 21, 2014 Petrosonic Energy, Inc. entered into a non-exclusive sales, distribution, manufacturing and license agreement and a consulting agreement with Kuai Le GU, LLC. Pursuant to the License Agreement, the company granted to KLG a non-exclusive license to research, develop, practice, perform, make, use, manufacture, assemble, modify, sell, offer for sale, distribute, import and otherwise exploit in the People’s Republic of China, the Republic of Indonesia and the Federation of Malaysia, the company’s heavy oil processing and treatment technologies. The license includes a right to sublicense. In consideration for granting the license KLG will pay a perpetual license royalty to the company as follows: 5% of the per barrel spot price of West Texas Intermediate (averaged over the quarter) for each barrel of oil produced post-processing using the Technology in the Territory; and 5% of the per barrel spot price of West Texas Intermediate (averaged over the quarter) for each barrel of oil produced post-processing using the Technology in the Territory by any sublicensee. The License Agreement may be terminated by KLG on 120 days notice to the company. The License Agreement may also be terminated upon written notice by either party if the other party is in breach of any material obligation of the License Agreement and has not cured the breach within 90 days after written notice requesting cure of the breach or if either party files or institutes bankruptcy, reorganization, liquidation or receivership proceedings, or upon an assignment of a substantial portion of a party’s assets for the benefit of creditors, provided, however, that in the case of any involuntary bankruptcy proceeding the right to terminate will only become effective if the party subject thereto consents to involuntary bankruptcy or the proceeding is not dismissed within 90 days after the filing thereof. Pursuant to the Consulting Agreement, KLG has agreed to assist the company in expanding and managing its existing intellectual property, including preparing any patent applications and provisional patent applications and, at KLG’s discretion, soliciting and obtaining new inventions and related patent rights to strengthen, support and expand the company’s existing intellectual property. KLG has also agreed to provide referrals to the company for its products and services to potential customers, distributors or other potential commercial partners and to provide to the company referrals for the licensing or other monetization of the company’s existing intellectual property and any intellectual property developed in collaboration with KLG. The term of the Consulting Agreement is three years. The term will automatically renew for additional one year terms unless terminated by either party on 30 days written notice before the end of the term.
Petrosonic Energy, Inc. Auditor Raises 'Going Concern' Doubt
Apr 11 14
Petrosonic Energy, Inc. filed its 10-K on Apr 11, 2014 for the period ending Dec 31, 2013. In this report its auditor, Malone & Bailey, PLLC, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Petrosonic Energy, Inc. announced delayed annual 10-K filing
Apr 1 14
On 04/01/2014, Petrosonic Energy, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC.