True Product ID, Inc. Grants Exclusive Rights to Utilize TPID Technology on Smart Cards in Korea and Japan to Mondex Capital, Inc., a Part of MasterCard International's Suite of Smart Card Products
BEIJING and PHILADELPHIA, July 27 /PRNewswire-FirstCall/ -- Richard A. Bendis, CEO and President of True Product ID, Inc. (OTC Bulletin Board: TPDI), today announced that it has signed a licensing agreement with Mondex Capital, Inc., (MCI) whose parent Mondex(R) is a part of the MasterCard International (NYSE: MA) suite of smart card products.
The terms of the agreement grant MCI the exclusive rights to utilize TPID's technology in Korea and Japan for an initial term of three years. The use is limited to the manufacture and distribution of credit cards and card-related services such as smart card products. The exclusivity is subject to performance minimums.
TPID will receive a royalty of 7.5% of the gross receipts received by MCI and its affiliates from sales utilizing the licensed technology and an up-front rights acquisition fee of US$100,000 (US$50,000 per country), which is not an advance against nor recoupable from royalties otherwise payable under the agreement.
TPID was granted exclusive rights to this technology under a Master License with Sure Trace Security Corporation (OTC: SSTY), which has also approved this agreement.
TPID CEO Richard Bendis stated, 'TPID is excited to partner with Mondex/MasterCard International, recognized as innovative leaders in the rapidly growing smart card industry. This agreement is confirmation by an industry leader that TPID's anti-counterfeiting technology continues to be recognized as a flexible integrated solution that is capable of addressing complex challenges for many diverse industries and product applications.' |
