RXT 110 Inc. Exercises its Right Under Intellectual Property License Agreement
TORONTO, March 19, 2012 /CNW/ - RXT 110 Inc. (CNSX: RXT) (the "Company") announced today that it has entered into an amended and restated license agreement with respect to the license of certain intellectual property originally publicly disclosed in a news release on June 10, 2011. The amended and restated license agreement is substantially the same as the original license agreement except a co-licensor has been added as a party to the agreement, certain intellectual property not originally covered by the license agreement has been added, including intellectual property utilized in the manufacture of Zeromold, and the aggregate interim license consideration has increased to $300,000.
In addition the Company is pleased to announce that it has exercised its right to convert the interim license granted under an intellectual property license agreement previously publicly disclosed June 10, 2011, as amended and restated, into an assignable, transferable, perpetual, world-wide exclusive license (the "License"). In connection with the exercise of the right to acquire the License and in accordance with the terms of the license agreement, the Company will issue 20,000,000 fully paid and non-assessable Class A shares of the Company to the licensors. The effective date for the issuance of the Shares and the acquisition of the License is April 10, 2012.
About RXT 110 Inc.
RXT 110 Inc.'s line of retail anti-microbial products will effectively kill mould, bacteria and fungi on contact and prevent re-growth. These products address the demand created by the mounting health and environmental concerns. Mould can affect the immune system, nervous system, liver, kidneys, blood and cause brain damage.
RXT will also manufacture and distribute RXT 110, an anti-microbial filler. Calcium Carbonate is one of the most common fillers used industrially. It is susceptible like other fillers that hold moisture to attracting mould. Annual global revenue in the calcium carbonate filler industry approximates 140 billion dollars. RXT 110 Inc. will produce anti-microbial filler that performs 'filling' and 'bulking' functions like calcium carbonate. RXT 110 does not attract moisture and consequently mould infestation. RXT filler with its anti-microbial high ph core in individual particles enhances commercial product life and eradicates a broad spectrum of known bacteria, fungi, algae and other micro - organisms by suppression of their reproduction.
On Behalf of the Board of Directors of RXT 110 Inc.
This release may contain forward-looking statements information and statements which constitute "forward-looking information" under Canadian securities law and which may be material regarding, among other things, the Company's beliefs, plans, objectives, estimates, intentions and expectations with respect to its capital and funding plans. Inherent in the forward-looking information and statements are known and unknown risks, uncertainties and other factors beyond the Company's ability to control or predict, which give rise to the possibility that the Company's predictions, forecasts, expectations or conclusions will not prove to be accurate, that its assumptions may not be correct and that the Company's plans, objectives and statements will not be achieved. Actual results or developments may differ materially from those contemplated by the forward-looking information and statements. Consequently, undue reliance should not placed on such forward-looking statements.
The shares have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement of such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under the securities laws of any such jurisdiction.
The CNSX has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release. Neither the CNSX nor its Regulation Services Provider (as such term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.For further information: