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Lomiko Metals (TSXV:LMR,FWB:DH8B,OTC Pink:LMRMF) announced that it has agreed to license the right to manuyfacture and sell three power converter system designs from Megahertz Power Systems Ltd. in exchange for $250,000. In the long term, Lomiko and MegaHertz will work on innovative new designs that power products using graphite and graphene based devices to dramatically raise operating efficiencies and help reduce the energy waste for the Electronic equipment, Energy Storage and Automotive Industries worldwide.
According to the press release, the terms of the deal include:
- A custom OEM 60W 120V OEM Led driver solely for the existing LED Customer (“Custom LED Driver” – the design of which is owned by the LED Customer);
- A Type AB in-wall AC receptacle with USB ports for recharging laptops, smartphones and tablets (“AB-USB6 Receptacle”) for e-commerce sales;
- A 60W LED driver product (“LED90+ Driver”) for online e-commerce sales.
- Lomiko will pay Megahertz a 15% royalty on Lomiko’s net sales of Licensed Power Supplies, (the “Royalty”).
Lomiko shall advance the sum of Two Hundred Fifty Thousand Canadian Dollars (Cdn. $250,000) (the “Start-up Funds”) in order to:
- Organize and set up contract manufacturing of Licensed Power Supplies;
- Develop an e-commerce web-site for sales of certain Licensed Power Supplies;
- Establish a local office in support of Lomiko’s sales of Licensed Power Supplies;
- Manage initial contract manufacturing, sales, customer relations, general business administration and technical support for customers and contract manufacturers (“Project Management Services”) for the initial year of operations.
A. Paul Gill, CEO of Lomiko, said:
The Power Converter Market is a multi-billion dollar market. With the increasing demand for energy-efficient electronic devices, the advent of re-chargeable batteries and the new market for quick-charge supercapacitors, Lomiko has the opportunity to move into a growing market with a profitable business model.
Click here to read the Lomiko Metals Inc. (TSXV:LMR,FWB:DH8B,OTC,PINK:LMRMF) press release
Click here to see the Lomiko Metals Inc. (TSXV:LMR,FWB:DH8B,OTC,PINK:LMRMF) profile.