ERJ staff report (SS)
Nevada, US -- Rubber recycling company Magnum d'Or Resources, Inc. has signed a licensing agreement with Spreelast AG, in which Magnum will have exclusive right to utilise present and future patents and trade secrets developed and utilised by Spreelast for the US, Canada and China.
Magnum said in a 7 Jan statement that the agreement will provide it with â€œan array of technologies that could potentially revolutionise the rubber recycling industryâ€ in the US, as well as other territories protected under the agreement.
As a result of the agreement, Magnum will no longer purchase Terra, a company that it planned to buy using 63.2 million worth of its common stock. This â€œdiminishes further dilution of company stockâ€ and relieves the company of any inherited obligations that may have arisen from the merger, said Magnum, in the statement.
â€œThis new agreement will save both companies precious time and resources that can now be redirected toward research and marketing,â€ said Chad Curtis, member of the board at Magnum, in the statement. â€œThis will allow us to provide further market awareness and to develop better products for our environment in a more expeditious manner,â€ he added.
This Agreement supersedes any and all agreements, letters of intent, and memorandums of understanding previously held between the companies, said Magnum.
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Press release from Magnum