SIGNAL BAY, INC. (OTCMKTS:SGBY) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
License Agreement:
On July 27, 2017, Signal Bay, Inc. (the “Company’) executed an Intellectual Property License Agreement with Kaycha Holdings, LLC (“Kaycha”), whereby Kaycha would acquire exclusive rights to use the Company’s brand EVIO Labs, standardized operating procedures and accredited testing methodologies in the State of Florida. The initial term of the agreement is for a period of five years, commencing August 1, 2017 with an option to extend for an additional five-year period. The initial Licensing Fee for first medical marijuana testing laboratory is $75,000 plus ongoing royalties after the laboratory is operational. Kaycha paid 50% upon execution of this agreement and the remaining balance will be paid upon delivery of the Company’s standardized operating procedures. The License Agreement includes an additional $25,000 fee for each additional medical laboratory operated within the state. Furthermore, if the state approves recreational cannabis and Kaycha commences testing recreational cannabis, the initial laboratory will be charged an additional $75,000 license fee and each additional laboratory will be charged an additional $25,000 license fee.
A copy of the License Agreement is attached as Exhibit 10.1.
A copy of the press release issued in connection with the parties’ announcement of the License Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
SIGNAL BAY, INC. ExhibitEX-10.1 2 sgby_ex101.htm INTELLECTUAL PROPERTY LICENSE AGREEMENT sgby_ex101.htmEXHIBIT 10.1 INTELLECTUAL PROPERTY LICENSE AGREEMENT This Intellectual Property License Agreement (this “Agreement”) dated as of July 27,…To view the full exhibit click here
About SIGNAL BAY, INC. (OTCMKTS:SGBY)
Signal Bay, Inc. (Signal Bay), through its subsidiaries, provides advisory, management and analytical testing services to the legalized cannabis industry. The Company’s segments are Signal Bay Consulting (SBC) and CR Labs, Inc. (CRLB). SBC provides advisory, licensing and compliance services to the cannabis industry. SBC’s clients are located in states that have state managed medical and/or recreational programs. SBC assists these companies with license applications, business planning, state compliance and ongoing operational support. CRLB provides analytical testing services to the cannabis industry. CRLB’s clients are located in Oregon and consist of growers, processors and dispensaries. Signal Bay provides advisory and consulting services to cannabis companies, including license application support, regulatory compliance, market forecasts and operational insights. It also publishes industry information through online media, research reports and publications.