CELL MEDX CORP. (OTCMKTS:CMXC) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On March 21, 2019, Cell MedX Corp. (the “Company”) entered into an exclusive worldwide distribution agreement of its ebalance devices for home-use (the “Agreement”) with an arms length party, Live Current Media, Inc. (“LIVC”).
To secure the right to earn the exclusive worldwide distribution rights LIVC paid the Company a one-time fee of USD$250,000, to the letter of intent between LIVC and the Company dated for reference September 10, 2018.
In order to maintain the exclusivity, LIVC must order a minimum of 2,000 devices by the end of a 24-month period from the date the ebalance device receives its 510k clearance from the FDA (the “Initial Term”).
to the Agreement, LIVC will be able to order the ebalance devices at a 20% discount to the regular retail price at the time of the order (the “License Fee”), with 50% of the License Fee payable at the time of placing an order, and remaining 50% payable on the specified delivery date of the devices. During the Initial Term the License Fee for the ebalance devices will be fixed at CAD$2,400 per device.
In addition to the License Fee, LIVC will be required to pay a monthly recurring fee per each ebalance device equal to 50% of the regular monthly home-use fee set by the Company. Following the Initial Term, the minimum monthly fee will be CAD$100,000.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Agreement, copy of which is included as an exhibit to this report. A copy of the Company’s news release regarding the above Agreement is attached as an exhibit to this report.
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS.
(d)
Exhibits
The following exhibits are either provided with this Current Report:
(1) Filed as an exhibit to the Company’s Annual Report on Form 10-K filed with the SEC on September 13, 2018.
Cell MedX Corp. Exhibit
EX-10.1 2 cmxc_ex101.htm DISTRIBUTION AGREEMENT ex-10.1 Distribution Agreement This agreement is between Live Current Media,…
To view the full exhibit click here
About CELL MEDX CORP. (OTCMKTS:CMXC)
Cell MedX Corp. is a development-stage company focused on the discovery, development and commercialization of therapeutic products for patients with diseases, such as diabetes, by developing technologies to help manage the illness and related complications. The Company, through its subsidiary, Avyonce Cosmedics Inc. (Avyonce), is engaged in reselling and marketing spa technology and equipment to the beauty and wellness industry. Avyonce is involved in carrying out observational studies using eBalance Technology. The eBalance Technology is used for the use of micro currents for the treatment of diabetes and related ailments. Avyonce also provides continuing education to the estheticians and healthcare professionals in the field of medical aesthetics. The Company is engaged in developing a family of devices based on the eBalance Technology.
