Here's an exclusive agreement. Does this sound expensive? $2,000.øø a month and over 5.6 million shares? Sounds like the Lorricchio family made out ok. When would he be able to sell these 5.6 million shares?
On May 28, 1996, the Company entered into a licensing agreement, as amended, wherein, Lorepar, LTD and its controlling persons, Domingos Loricchio,the Company's Chairman of the Board of Directors, Irena Loricchio, his wife, Domingos Loricchio, Jr., his son and Denise Loricchio, his daughter granted an exclusive license to the Company to use certain formulas to manufacture the products being sold by the Company. The license was issued in consideration of 5,610,000 shares of "restricted" common stock and $8,000 per month for a period of five (5) years. As of the date hereof, the Company has paid $29,000.00
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