PAYMEON, INC. (OTCMKTS:PAYM) Files An 8-K Other EventsItem 8.01 Other Events
On December 11, 2016, Rockstar Acquisitions, LLC (“Rockstar”) entered into a License Agreement with Raw Energy Materials Corp (“RAW”) for exclusive rights for use of certain intellectual property associated with the production of certain concrete reinforcement products for the construction industry. The License Agreement provided for Rockstar to have exclusive rights for use of the intellectual property in conjunction with product sales for the State of Florida, the Caribbean Islands (excluding Cuba), and Peru (“Licensed Territory”). On January 5, 2017, Rockstar entered into a First Amendment to License Agreement (“First Amendment”) whereby in addition to the State of Florida, the Caribbean Islands (excluding Cuba) and Peru, Rockstar expanded its Licensed Territory to include the continental United States in exchange for a $500,000 Option Fee and certain other obligations. Rockstar is a wholly-owned subsidiary of Paymeon, Inc. (“Company).
On April 18, 2018, Rockstar and the Company received a letter from counsel representing RAW providing formal notice that Rockstar and the Company had breached and/or violated several sections of the agreement and amendments, and that RAW was immediately terminating all agreements and amendments.
The Company does not believe it is in breach of its agreements and is working towards reaching an amicable solution. The Company is prepared to pursue litigation if it cannot reach a resolution.
About PAYMEON, INC. (OTCMKTS:PAYM)
PayMeOn, Inc. (PayMeOn), formerly MMAX Media, Inc., owns and operates products that are focused on monetizing consumer influence through social, local and mobile marketing. The Company is engaged in the sale of electric bicycles, hoverboards, and other related products and accessories, at its Website, www.irideelectric.com, and at its retail location located in Fort Lauderdale, Florida. PayMeOn holds a stake in Prodeco Technologies, LLC, which is a researcher, developer, marketer and manufacturer of electric bicycles. The Company sells ProdecoTech electric bicycles online through its Website, www.irideelectric.com, under a non-exclusive dealer agreement. In addition to ProdecoTech electric bicycles, the Company also sells electric bicycles made by other manufacturers. PayMeOn holds an interest in HLM Paymeon, Inc. and Paymeon Brands, Inc. Paymeon Brands, Inc. is formed to develop, market, manage and monetize lifestyle brands and products.