Nano-Proprietary has announced that its subsidiary Applied Nanotech has agreed to solidify its relationship with Mitsui & Co., Ltd. The parties agreed to extend the option agreement and continue negotiations toward the framework of a master practical relationship and agreement. This represents the next step in the development of ANI’s relationship with Mitsui
Under the proposed structure, Mitsui will hold a contingent license, locking in the terms under which Mitsui will be able to extend sublicenses to its prospects. Mitsui has paid a fee to protect their position as the exclusive master license holder by continuing the current option agreement until July 31, 2008. At that time the existing option agreement will terminate. During the next three months the companies intend to jointly expedite the discussions with potential sublicensees already identified by Mitsui. The proposed master practical agreement may include an exclusive agency agreements and/or an exclusive license agreement. The parties intend to continuously monitor the sublicensing process and adjust their understanding and activities accordingly.
Nano-Proprietary
