Integral Technologies, Inc. (OTCMKTS:ITKG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement
On September 9, 2019, Integral Technologies, Inc. (the \”Company\”) entered into a Technology Asset Purchase Agreement (the “Agreement’) with Pivotal Battery Corp. (“Pivotal”), a Delaware corporation, completing the sale of our bipolar plate technology, including U.S. Patent Applications Nos. 14/822,315 (Bipolar Plate and Method of Making and Using Same) and 16/236,533 (Method of Making Bipolar Plate), which includes our entire right, title and interest in such Patent Applications and the rights to the related Pending Patents. The sale includes, but is not limited to, all of the Company’s trade secrets, know-how, confidential or proprietary information, shop rights, technical data, technology licenses, concepts, drawings, schematics, prototypes, improvements, enhancements, upgrades, materials, works of authorship, derivative, and derivative works related to the patent applications and pending patents for the bipolar plate (the “Technology”).
The total purchase price for the Technology was $2,000,000, with the initial payment of $200,000 and the balance of $1,800,000 paid through a promissory note (the “Promissory Note”) due over a two (2) year period at an interest rate of 7% per annum. The Company shall also receive 1,500,000 shares of Pivotal’s common stock, par value $0.001.
The above summary is qualified in its entirety by the contents of the transaction document, which is attached hereto as Exhibit 10.1 to Item 9.01 of this Form 8-K and which are incorporated herein by reference.
Item 2.01 Completion of Acquisition or Disposition of Assets
The information set forth above in Item 1.01 of this Current Report on Form 8-K with respect to the sale of the assets is incorporated by reference into this Item 2.01.
Item 9.01. Financial Statements and Exhibits.
10.1 Technology Asset Purchase Agreement dated September 9, 2019
INTEGRAL TECHNOLOGIES INC Exhibit
EX-10.1 2 ex_157566.htm EXHIBIT 10.1 ex_157566.htm Exhibit 10.1 Technology Asset Purchase Agreement By and Between PIVOTAL BATTERY CORP. and INTEGRAL TECHNOLOGIES,…
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About Integral Technologies, Inc. (OTCMKTS:ITKG)
Integral Technologies, Inc. is engaged in the business of researching, developing and commercializing new electrically conductive resin-based materials called ElectriPlast. The Company is focused on devoting all of its resources to the research, development and commercialization of its ElectriPlast with Flexible Content Technology. The ElectriPlast technology possesses a multitude of applications in industries, such as auto industry, the aerospace, consumer electronics, and commercial aviation. It is focused on business development and marketing efforts on securing licensing and/or joint development agreements in areas for which it holds patents covering specific materials, components, parts, applications or end-products incorporating conductive resins and ElectriPlast technology. It collaborates with suppliers, vendors, original equipment manufacturers (OEMs) and manufacturers of products who would benefit from the incorporation of any of the ElectriPlast applications.