|ICUR.OB > SEC Filings for ICUR.OB > Form 8-K on 17-Nov-2005 |
Form 8-K for ICURIE, INC.
Entry into Material Agreement
Item 1.01 Entry Into a Material Definitive Agreement.
On November 16, 2005, iCurie Lab Holdings, Ltd. ("iCurie UK"), a wholly owned subsidiary of iCurie, Inc., entered into a Patent License and Sales Exclusivity Agreement, dated as of November 9, 2005 ("Agreement"), with Asia Vital Components Co., Ltd. ("AVC") giving AVC a worldwide, perpetual, non-revocable license to use certain of iCurie UK's intellectual property to develop, manufacture, market and sell a new thermal management product for use in personal computers based on iCurie UK's patented microfluidic cooling system technology (the "Product"). iCurie UK granted AVC the exclusive right to sell the Product to personal computer manufacturers in the world market with the exception of companies headquartered in Korea and Japan. The Agreement also gives iCurie UK the right to purchase the Product from AVC and the exclusive right to sell the Product to (i) all third parties other than personal computer manufacturers and (ii) to personal computer manufacturers headquartered in Korea and Japan. AVC will pay iCurie UK a royalty for each Product sold, either as a stand alone product or as part of a system. The Agreement terminates on December 31, 2008, provided however, that iCurie UK has the option to terminate AVC's sales exclusivity in the event certain sales volumes are not met during a particular calendar year.