|
Int'l Parkside, Patton to form JV company Carbon Klean
Int'l Parkside, Patton to form JV company Carbon Klean
2016-01-06 14:34 MT - News Release
Mr. Murray Keating reports
MEMO OF AGREEMENT
International Parkside Products Inc. has entered into a memorandum of agreement with Daniel J. Patton LLC of Columbus, Ohio, for the global marketing of its new eyeglass-cleaning device PEEPS and its line of laptop and smart phone screen-cleaning devices.
The agreement calls for the creation of a new joint venture company named Carbon Klean LLC, which will have the global rights to the above-mentioned products. International Parkside will contribute the products and their trademarks and non-formulation patents while Patton will contribute its worldwide network of contacts in the eyewear and IT markets, as well as provide warehousing and distribution capacity.
International Parkside will own 60 per cent of the JV initially and will be the sole manufacturer of the products to the JV. Patton will have 40 per cent but will have the ability to reach 50 per cent by achieving sales of one million units (approximately $4-million) over the initial two years of the deal.
International Parkside will provide initial marketing funds of up to $100,000 (U.S.) by way of a two-year 6-per-cent loan to the JV.
President of International Parkside's eyewear division, Peter Meurrens, stated, "This arrangement will give us the reach in the eyewear and IT markets that might have been impossible for us to achieve on our own."
|