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EDMONTON, Nov. 26, 2014 /CNW/ - ESTec Systems Corp. (TSX Venture: ESE) made an announcement in October 2011 about the signing of a Technology Licensing Agreement between Torishima Services Canada ("Torishima"), and Allan R. Nelson Engineering (1997) Inc. ("ARN").
The Agreement provided for royalty payments to ARN in relation to the licensing for the manufacture and sale of the top drives based upon designs prepared by ARN.
It was expected that this license could generate royalties for ARN over the years and would have allowed ARN to recover the cost of developing the technology and contribute to the profitability of the company.
It is with regret we have to inform you that the licensing agreement has been terminated in accordance with the terms of the agreement, due to failure to meet minimum sales requirement.
On behalf of the board,
Anthony B. Nelson
ESTec Systems Corp:
ESTec, through its wholly owned subsidiary, Allan R. Nelson Engineering (1997) Inc, provides specialized engineering services.
SOURCE: ESTec Systems Corp.
For further information: regarding the Company see its website at www.estec.com