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Quotes & Info
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| UNIV.OB > SEC Filings for UNIV.OB > Form 8-K on 2-Jul-2009 | All Recent SEC Filings |
2-Jul-2009
Entry into a Material Definitive Agreement
On April 20, 2009, we entered into an agreement with LOW RIDER ESTABLISHMENT, existing under the United Arab Emirates Law, Abu Dubai ("Low Rider") pursuant to which Low Rider acquires a Franchise and Distribution of the "Aftermarket" version of the UNS Navigation Multimedia System.
Both parties agreed that the "Goal" is at a minimum of 660 UNS Navi Systems "installed" per month, at the "After market" level. For this reason we agreed to provide Assistance support and Marketing support to Low Rider.
Should the sale of 8,000 in number of Systems for the First Year be achieved by Low Rider, we will return the AED 70,000 (USD 19,022) Deposit to Low Rider. Further, a 24 hour & 7 days per week "Support Center" will be provided by us, for the benefit of live support to Low Rider and that of Low Rider Clients.
For the purpose of clarifying Initial Marketing, Promotional and Advertising Plan, both Parties hereto agreed that we in conjunction and co-operation with Low Rider, plan a "Launch" of the "System" to the UAE "After Market", no later than November 1st 2009 in Abu Dhabi UAE first, and subsequently to the remaining Emirates to follow.
Both Parties agree that the Franchise Royalty Fee of 5% on Gross Sales per Year of Low Rider, will be "waived" for the first year, (Calendar 12 Months from date of launching the Product) and it will come into effect on, the beginning of the Second Year and starting with the end of the first calendar quarter of the Second Year.
The "Franchise Agreement" between the Parties is of a 5 Year period, with "Automatic Renewal" to be exercised at 5 Year intervals each thereafter, commencing with the date of signing of this Agreement.
The agreement is filed as an exhibit to this Form 8-K and should be referred to in its entirety for complete information concerning this agreement.
Exhibits
10 Low Rider Agreement
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