|Updated News Release From AAT.V - Correcting and Replacing: AirTest Announces Financing and Debt Elimination|
DELTA, BC, January 18, 2018 – AirTest Technologies Inc. (“ATI”) (TSXV: AAT) is pleased to announce the Company has signed a Sales Royalty Agreement with Omni Marketing Global.(“OMG”). Under this Agreement, OMG will be eliminating loans and interest owed by ATI for a total debt of $1,013,299. OMG will also advance $1,000,000 of working capital to ATI to be used in developing the business. ATI will pay OMG a royalty on sales monthly effective January 1, 2018 amounting to 5% of sales each month. The monthly royalty payments will be capped at $30,000 per month and the rate of royalty and term of agreement will be reviewed by OMG and ATI on the 3rd anniversary and the 6th anniversary of this Royalty Agreement signing. In the event that ATI breaches any obligation included in the Agreement at some future date, the agreement requires ATI to pay OMG $2,013,299 plus 25% per year that the Agreement has been in effect, less all royalty payments that have been made from ATI to OMG during the term of this Agreement.
The principal shareholder of OMG is Robert Mebruer who is also the President and CEO of OMG. Mr. Mebruer is also a director of ATI.
According to ATI president George Graham “this agreement will allow us to aggressively pursue our business plan including a very positive marketing program that will enable our Company to take advantage of the growth opportunity we currently enjoy through the promotion of several new wireless products and systems that are unique to our company. At the same time this agreement will help clean up our balance sheet to assist with future financing”.
It should be noted that this Sales Royalty Agreement is subject to both disinterested shareholder approval and Exchange approval.
For further information, please contact:
Mr. George Graham, President
Phone: (604) 517 3888
Fax : (604) 517 3900