Senetek PLC Resolves Dispute With Marketer of Pyratine-6(TM) on Most Favorable Terms
6/30/2008 8:30:00 AM (PR Newswire)
Press Release Source: Senetek PLC
Senetek PLC Resolves Dispute With Marketer of Pyratine-6(TM) on Most Favorable TermsMonday June 30, 9:30 am ET
NAPA, California, June 30 /PRNewswire/ -- Senetek PLC (OTC Bulletin Board: SNKTY - News), a Life Sciences company engaged in the development of technologies that target the science of healthy aging, today announced it has reached an agreement to terminate its marketing agreement with Triax Aesthetics LLC ("Triax") for Pyratine-6(TM) on most favorable terms. These terms include the return of US$1,125,000 in cash from Triax and a service provider, return of all intellectual property, product inventory and promotional materials, access and ownership of all accounts opened, remittance of all proceeds of product sales through the agreement termination date, rights to use the Triax Aesthetics name for one year in conjunction with sales of existing packaged product inventory and a non-competition agreement from Triax and certain related parties prohibiting them from selling any topical non monograph products used for antiaging purpose and/or in connection with acne rosacea for a period of two years.
A spokesperson for Triax Aesthetics commented, "We sincerely believe that Pyratine-6(TM) is a product with significant advances over the competition in the marketplace. We agreed with Senetek that there are better candidates for the distribution of this product. We will do everything possible to help make Pyratine-6(TM) a continued success." |
