I don't see where it says IAS has to pay ITI anything. The Following is from the SEC filing from September 97.
The Company is a development stage company engaged in the commerialization of advanced antenna technology known as the Contrawound Torroidal Helical Antenna, herein "CTHA", for wireless communications markets
including cellular, meter reading and global positioning services. The CTHA, developed in conjunction with researchers at West Virginia University, is a technologically advanced antenna design which can be incorporated into a wide variety of telecommunications applications. The Company has been granted worldwide sublicensing rights for commercial applications, excluding military and governmental applications, for the antenna.
During fiscal 1997, the Company entered into a joint venture agreement, herein "JVA", with ETC dated March 4, 1997. The JVA required a limited company to be incorporated, The Eclipse Antenna Manufacturing Corporation, herein "TEAM", whereby the Company will own 50% of the issued and outstanding common shares and ETC will own the remaining 50%. Pursuant to a voting agreement the Company can vote 100% of the shares of TEAM. The control person of ETC will be the operator. TEAM was organized on June 4, 1997 under the laws of the State of West Virginia. The Company retains the worldwide commercial sublicense rights to the CTHA.
The purpose of the joint venture is to cooperate in the research and development of certain applications for the CTHA and to assemble and manufacture certain products relating thereto. IAS will buy product from TEAM at cost to manufacture plus 30% for all commercial applications and ETC will buy product from TEAM at cost to manufacture plus 30% for all military applications. ETC acquired the worldwide sublicense from ICI for all military applications on January 2, 1997. |
