ADVANCED VOICE RECOGNITION SYSTEMS, INC. (OTCMKTS:AVOI) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of Material Definitive Agreement
Advanced Voice Recognition Systems, Inc. (“AVRS”) and Dominion Harbor Group, LLC (“Dominion”)have agreed to terminate the August 20, 2015 letter agreement between them (the “Agreement”) effective as of June 28, 2017. The parties mutually agreed to terminate the agreement. AVRS did not incur any material early termination penalties in connection with the termination of the Agreement.
Under the Agreement, Dominion was providing strategic advisory services to AVRS with respect to AVRS’s intellectual property, including advising AVRS on opportunities to sell or license its intellectual property, and to prosecute and enforce AVRS’s intellectual property rights. In exchange, AVRS agreed to pay Dominion 42.5% of the Net Consideration for the services, except that if proceeds were generated outside of litigation, the amount would have been 35% of the Net Consideration. “Net Consideration” was defined in the Agreement to include the gross amount received from any licensing fee, litigation settlement, damages or other monetization event, net of any contingency fees of counsel recommended by Dominion and of any costs advanced by Dominion. Because no proceeds were generated related to AVRS’s intellectual property rights during the term of the Agreement, AVRS is not responsible for any advanced costs paid by Dominion or any accrued counsel fees for litigation for any litigation counsel that may have been introduced to AVRS by Dominion.
The description of the Agreement above is only a summary of certain material terms of the Agreement. A copy of the Agreement was filed as Exhibit 10.1 to AVRS’s Report on Form 8-K filed with the U.S. Securities and Exchange Commission on August 21, 2015.
About ADVANCED VOICE RECOGNITION SYSTEMS, INC. (OTCMKTS:AVOI)
Advanced Voice Recognition Systems, Inc. is a software development company. The Company specializes in creating interface and application solutions for speech recognition technologies. The Company’s principal proposed product is speech recognition software and related firmware, which allows for dictation into a range of applications, including disk operating system (DOS) applications running in Windows, UNIX and mainframe applications accessed through terminal emulation programs, various custom applications, and all Windows 3.x, 95, 98, 2000, XP, Vista and Windows 7 programs. This product is designed to allow for deferred dictation, where the text is saved with the associated audio, and the users can resume when stopped and can play back dictated content. Similarly, the recognized text and associated audio can be saved to be used when text is corrected.