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DOMK.OB > SEC Filings for DOMK.OB > Form 8-K on 12-Nov-2008All Recent SEC Filings

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Form 8-K for DOMARK INTERNATIONAL INC.


12-Nov-2008

Entry into a Material Definitive Agreement, Financial Statements and Ex


ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On November 8, 2008, we executed an exclusive license agreement with Greens Worldwide Incorporated, an Arizona corporation (the "Agreement"), whereby pursuant to the terms and conditions of that Agreement, we acquired an exclusive license to the assets used by Greens Worldwide Incorporated in conducting Golf Championships, which in the past have been conducted under the name US Pro Golf Tour, Inc. In return for this license, we are obligated to pay Greens Worldwide Incorporated 5% of the first million dollars in revenue arising from the use of this license, 4% of the next 2 million dollars in revenue arising from the use of this license, and 3% of the revenue in excess of $3 million dollars arising from the use of this license. In addition, we receive 5% equity ownership of the assets for each of the first 5 years of the Agreement beginning with the year 2009, up to a maximum ownership position of 50%.

The terms and conditions of the license are disclosed in the Agreement, a form of which is attached hereto as Exhibit 10.1.



ITEM 9.01. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

(d) Exhibits

10.1 Agreement by and between Greens Worldwide Incorporated and Domark International, Inc, dated November 8, 2008.

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