Click here to close now.

Welcome!

.NET Authors: Trevor Parsons, Andreas Grabner, Jason Bloomberg, Pat Romanski, Elizabeth White

News Feed Item

Abattis Amends License Agreement with Vertical Designs Ltd. and Acquires Exclusive, Worldwide Rights to Bio-Pharma Patent License

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/27/12 -- Abattis Bioceuticals Corp. ("Abattis") (CNSX:FLU)(PINKSHEETS:ATTBF) is pleased to announce that the Company has entered into an amended license agreement (the "Amended License Agreement") which amends the terms of the license agreement previously entered into between the Abattis and Vertical Designs Ltd. ("Vertical Designs") (see news release of November 15, 2012 for more details).

Under the Amended License Agreement, Abattis has now been granted the exclusive, worldwide rights to a patent license, with the right to grant sublicenses, to use the Bio-Pharma technology for growing products at licensed facilities, which products may only be used as ingredients in the pharmaceutical, neutraceutical, cosmetic and wellness markets, for total consideration of $600,000 to be paid by way of the issuance of 6,000,000 common shares of Abattis ($250,000, or 2,500,000 common shares of Abattis, of which was previously paid to Vertical Designs on execution of the original agreement). As the license grant was expanded from a British Columbia only non-exclusive license to a worldwide exclusive license, the royalty provisions of the license agreement were amended to reflect that: (i) the royalty payable on net sales of all products sold by Abattis was increased from 3% to 4%; (ii) in consideration for the grant of Abattis' right to grant sublicenses, Abattis will pay to Vertical Designs a sublicense royalty of 15% of any monies or other consideration that Abattis receives from any sublicense; and (iii) after two years, Abattis will be required to pay to Vertical Designs a minimum royalty payment of $25,000 per year and if the combined royalty payments paid from (i) and (ii) above do not equal $25,000 in any given year then Abattis will be permitted to top up such amount with a cash payment.

Under the terms of the Amended Agreement, the patent license will revert to Vertical Designs in certain circumstances, including: (i) if Abattis terminates the Amended Agreement; (ii) if Abattis materially breaches or defaults in the performance of the agreement and has not cured such default within 60 days, or in the case of failure to pay any amounts due, then within 30 days, after receiving written notice from Vertical Designs specifying the breach; (iii) if Abattis discontinues its business of producing ingredients for pharmaceutical, neutraceutical, cosmetic or wellness markets; (iv) if Abattis fails to pay the annual $25,000 minimum royalty payment for any year ending after the second anniversary of the Amended Agreement; or (v) if Abattis becomes insolvent, makes an assignment for the benefit of creditors or has a petition of bankruptcy filed by or against it, which petition is not vacated or otherwise removed within 90 days after the filing thereof.

In addition, under the Amended Agreement all obligations related to the purchase of equipment and the building of licensed facilities were deleted from the license agreement and, in lieu thereof, the parties entered into a Bill of Sale pursuant to which Abattis agreed to pay Vertical Designs $250,000 for the purchase and sale of six complete Vertical Designs operational units of six levels high, totaling thirty-six levels, with touch screen software to control all lights, sensors and irrigation air flow along with 5 tonnes of HVAC for room controls. The purchase price will be paid in instalments, the dates and amounts of which will be determined between the parties, with the first instalment payment being due on or before the earlier of five business days following Abattis completing an equity and/or debt financing of any amount whatsoever or the first business day in the seventh month following the date of the Bill of Sale.

"After signing the BC license agreement in November, we have seen the medical marijuana policies in Health Canada and under US laws change," stated Mike Withrow, President and chief executive officer of Abattis. "It was a combination of this, together with opportunities in other foreign countries with other plant tissue and medicinal applications, that played a major factor in our decision to acquire the exclusive world-wide rights to the Vertical Designs' technology for use in the prescribed areas. We have put all of the pieces in place and we are now pushing forward with the process of making application to the government to become a participant in the rapidly changing marijuana market, which in November 2012 was estimated to be $46 Billion in the United States alone, assuming cannabis was legalized nationally there (Medical Marijuana Business Daily, November 27, 2012: potential US Marijuana Market Estimated at $46 Billion by Anne Holland). We feel this exclusive, world-wide license is a great compliment to the asset base and IP we have acquired over the past 18 months and it is now time to start implementing our strategy."

Nick Brusatore, President and chief executive officer of Vertical Designs and recently appointed director of Abattis, commented, "I am very happy to make this deal for the shareholders of Vertical Designs and Abattis, as this will allow me and my team to focus on the implementation of our new automated mechanical pollinating strawberry systems along with the construction of our BC operations for herbs, spinach and various lettuces." We are also very excited that Abattis will now be poised to establish itself in the marijuana markets in North America as they open up, with the ability to mass produce and extract under the highest level of protocol scrutiny for the safety of the North American people and deliver a solution to the mass production of this plant tissue."

Abattis also announces that it has granted 1,615,000 incentive stock options to certain of its directors, officers and consultants, with each option being exercisable into a common share of Abattis @ $0.10/share for a period of five years.

About Vertical Design

Vertical Design is helmed by Nick Brusatore - an innovative eco-entrepreneur, natural capitalist, mechanical designer and inventor. Mr. Brusatore has presented on the benefits of vertical farm production facilities and energy-saving technologies on the international stage, including in Vancouver, Haiti, New York, San Francisco and China as well as at various colleges and universities. Vertical Design is headquartered in Vancouver, B.C.

WEBSITE: http://www.verticaldesignsltd.com

EMAIL: [email protected]

PHONE: (604) 356-0411

About Abattis Bioceuticals Corp.

Abattis is a specialty biotechnology company with capabilities through its wholly owned subsidiaries of producing, licensing and marketing proprietary ingredients and formulas for use in BioPharma, Nutraceutical, Cosmetic and Animal Nutrition markets. The company has a deep pipeline of proprietary products ready for sale in high growth areas of Functional Foods and Supplements business.

ON BEHALF OF THE BOARD

Mike Withrow, President & CEO

Neither the CNSX Exchange nor its regulations services accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Abattis Bioceuticals Corp.
Mike Withrow
President & CEO
778.908.6650
www.abattis.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
CommVault has announced that top industry technology visionaries have joined its leadership team. The addition of leaders from companies such as Oracle, SAP, Microsoft, Cisco, PwC and EMC signals the continuation of CommVault Next, the company's business transformation for sales, go-to-market strategies, pricing and packaging and technology innovation. The company also announced that it had realigned its structure to create business units to more directly match how customers evaluate, deploy, operate, and purchase technology.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
Even as cloud and managed services grow increasingly central to business strategy and performance, challenges remain. The biggest sticking point for companies seeking to capitalize on the cloud is data security. Keeping data safe is an issue in any computing environment, and it has been a focus since the earliest days of the cloud revolution. Understandably so: a lot can go wrong when you allow valuable information to live outside the firewall. Recent revelations about government snooping, along with a steady stream of well-publicized data breaches, only add to the uncertainty
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness, and in-car entertainment and this excitement will bleed into other areas. On the commercial side, m...
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
Every innovation or invention was originally a daydream. You like to imagine a “what-if” scenario. And with all the attention being paid to the so-called Internet of Things (IoT) you don’t have to stretch the imagination too much to see how this may impact commercial and homeowners insurance. We’re beyond the point of accepting this as a leap of faith. The groundwork is laid. Now it’s just a matter of time. We can thank the inventors of smart thermostats for developing a practical business application that everyone can relate to. Gone are the salad days of smart home apps, the early chalkb...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to make sense of it all.
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics archive, in his session at @ThingsExpo, Jim Kaskade, Vice President and General Manager, Big Data & Ana...
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing demand and the rapidly changing workspace model.
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.