Click here to close now.

Welcome!

Microsoft Cloud Authors: Aleksei Gavrilenko, Elizabeth White, Liz McMillan, Pat Romanski, Jaynesh Shah

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
SYS-CON Events announced today that WHOA.com, an ISO 27001 Certified secure cloud computing company, participated as “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which took place June 9-11, 2015, at the Javits Center in New York City, NY. WHOA.com is a leader in next-generation, ISO 27001 Certified secure cloud solutions. WHOA.com offers a comprehensive portfolio of best-in-class cloud services for business including Infrastructure as a Service (IaaS), Secure Cloud Desktop, Cloud Storage, Disaster Recovery, Integrated Applications and Security.
SYS-CON Events announced today that kintone has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. kintone promotes cloud-based workgroup productivity, transparency and profitability with a seamless collaboration space, build your own business application (BYOA) platform, and workflow automation system.
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer’s modular architecture, full-featured API, and sophisticated automation pro...
SYS-CON Events announced today that Intelligent Systems Services will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manu...
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect their organization.
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, analyzed how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Payment...
SYS-CON Events announced today that CommVault has been named “Bronze Sponsor” of SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. A singular vision – a belief in a better way to address current and future data management needs – guides CommVault in the development of Singular Information Management® solutions for high-performance data protection, universal availability and simplified management of data on complex storage networks. CommVault's exclusive single-platform architecture gives companies unp...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
"ciqada is a combined platform of hardware modules and server products that lets people take their existing devices or new devices and lets them be accessible over the Internet for their users," noted Geoff Engelstein of ciqada, a division of Mars International, in this SYS-CON.tv interview at @ThingsExpo, held June 9-11, 2015, at the Javits Center in New York City.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fillin...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits, DevOps is corr...
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and high availability solutions, leveraging the cloud and the benefits of Infrastructure-as-a-Service (IaaS...
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context wi...
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are rapidly redefining traditional integration approaches and their reliance on proprietary connectors. ...
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. 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.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare to be blown away with a glimpse of the future.