Item 1.01 Entry into a Material Definitive Agreement.
As indicated in the Company's 10-K filing for the year ended
On
1. ASIP appointed ASiQ to develop, manufacture and support ASIP for the fflya program including development of customized hardware and software, on commercial terms acceptable to ASIP and ASiQ. 2. ASIP will pay all costs incurred by ASiQ and its technical team on behalf of ASIP, relevant to the fflya program. 3. ASiQ agreed to secure the services of MrRon Chapman , together with his technical and marketing teams, for the future development and commercialization of fflya. 4. ASIP granted ASiQ the exclusive right to develop, manufacture and commercialize BizjetMobile, and ASiQ agreed to pay ASIP a 20% commission based on the published wholesale price of BizjetMobile systems. For any other products created from ASIP's intellectual property, ASIP will receive a commission based on the net revenue received by ASiQ. 5. Should ASIP be restructured, sold or its business assigned, then the BizjetMobile and non-airline products created, developed and distributed by ASIQ, will remain the sole unencumbered property of ASiQ and this Agreement will be terminated.
The Company's directors, Mr
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