XML 42 R12.htm IDEA: XBRL DOCUMENT

8. Commitment	6 Months Ended
Jun. 30, 2012
Notes
8. Commitment:	8. Commitment: On June 30, 2012, the Company entered into a five year license agreement with Private Trading Systems PLC, a company incorporated pursuant to the laws of England and Wales (the “Licensor”). The agreement is renewable for two additional five-year terms. Pursuant to the agreement, the Licensor granted the Company an exclusive license to use a trading system designed to facilitate the trading of instruments, investments, securities and assets between buyers and sellers in a trading environment (the “System”) and all intellectual property incorporated therein and related thereto (collectively, the “System IP”). Under the terms of the agreement the Company shall pay to the Licensor, the greater of: (i) $2,000,000 per year, payable quarterly in equal installments; and (ii) fifty percent (50%) of gross revenues earned and received by the Company in connection with the use the System and/or the System IP less amounts paid by the Company to legal counsel and other third parties with respect to litigation or other enforcement proceedings as such litigation and /or enforcement proceedings pertain to the enforcement of the System IP. On July 11, 2012, the Company assigned all of its rights and obligation under this license agreement it its wholly owned subsidiary Preventia Group Corp. (“PGC”), a company incorporated on July 9, 2012.

8. Commitment

6 Months Ended

Jun. 30, 2012

8. Commitment:

On June 30, 2012, the Company entered into a five year license agreement with Private Trading Systems PLC, a company incorporated pursuant to the laws of England and Wales (the “Licensor”). The agreement is renewable for two additional five-year terms. Pursuant to the agreement, the Licensor granted the Company an exclusive license to use a trading system designed to facilitate the trading of instruments, investments, securities and assets between buyers and sellers in a trading environment (the “System”) and all intellectual property incorporated therein and related thereto (collectively, the “System IP”). Under the terms of the agreement the Company shall pay to the Licensor, the greater of:

(i) $2,000,000 per year, payable quarterly in equal installments; and

(ii) fifty percent (50%) of gross revenues earned and received by the Company in connection with the use the System and/or the System IP less amounts paid by the Company to legal counsel and other third parties with respect to litigation or other enforcement proceedings as such litigation and /or enforcement proceedings pertain to the enforcement of the System IP.

On July 11, 2012, the Company assigned all of its rights and obligation under this license agreement it its wholly owned subsidiary Preventia Group Corp. (“PGC”), a company incorporated on July 9, 2012.