LIVE CURRENT MEDIA INC. (OTCMKTS:LIVC) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01
On March 21, 2019, Live Current Media, Inc. (“Live Current” or the “Company”) entered into an exclusive worldwide distribution agreement for the eBalance microcurrent device for home-use (the “Agreement”) with an arms-length party, Cell MedX Corp. (“CMXC”).
To secure the exclusive worldwide distribution rights, the Company paid CMXC a one-time fee of USD$250,000, upon execution of the letter of intent between the Company and CMXC dated for reference September 10, 2018, the terms of which were extended on December 7, 2018.
to the Agreement, in order to maintain its exclusive rights, Live Current must order a minimum of 500 devices by the end of the 14 month period after the date the eBalance device receives 510k clearance from the United States Food and Drug Administration (the “FDA Clearance Date”) plus an additional 1,500 devices (2,000 devices in total) by the end of the 24 month period after the FDA Clearance Date (such 24 month term being the “Initial Term”). Following the Initial Term, the minimum fee payable to CMXC in order to maintain its exclusive rights will be US$100,000 per month. If the Company is not able to meet the minimum order and user fee requirements, the Company will maintain its right to distribute the eBalance device, but those rights will no longer be exclusive.
The Company will earn 20% of the sale price of the eBalance device as determined by CMXC and 50% of all monthly user fees.
The foregoing descriptions 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. |
The following exhibits are provided with this Current Report:
| (1) |
Filed as an exhibit to the Company’s Current Report on Form 8-K filed on September 20, 2018. |
| (2) |
Filed as an exhibit to the Company’s Current Report on Form 8-K filed on December 12, 2018. |
Live Current Media Inc. Exhibit
EX-10.3 2 exhibit10-3.htm EXHIBIT 10.3 Live Current Media Inc.: Exhibit 10.3 – Filed by newsfilecorp.com Distribution Agreement This agreement is between Live Current Media,…
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About LIVE CURRENT MEDIA INC. (OTCMKTS:LIVC)
Live Current Media Inc. (Live Current) is focused in tapping into the ways in which people interact with information providing more opportunities for consumers to discover share and interact with the information they are passionate about in their daily lives. The Company through its wholly owned principal operating subsidiary, Domain Holdings Inc. (DHI), builds consumer internet experiences around its portfolio of domain names. DHI’s current business strategy is to develop, or to seek partners to develop, its domain names to include content, commerce and community applications.