Invitrocue Limited announced that it, via its wholly-owned Singaporean subsidiary Invitrocue Pte Ltd. (IVQ Singapore), has signed a binding memorandum of understanding with Felipe Eduardo de Almeida e Silva for the establishment of a joint venture company called Invitrocue Brazil. The MOU is valid until earlier of the executive of definitive agreements or one year from the date of the MOU. IVQ Singapore will be the majority owner of Invitrocue Brazil, with a holding of 51%. The remaining 49% will be held by MontBrillant SL, a company formed by IVQ's partners in Brazil, led by Mr. de Almeida e Silva. Under the agreement, IVQ Singapore will license to Invitrocue Brazil its proprietary knowhow for its personalised oncology test Onco-PDO® for use in Brazil and Latin America. IVQ Singapore's Brazilian partners will commit to an average annual volume ranging from 3,000 to 7,000 tests over a 5 years period. Mr. Felipe Eduardo de Almeida e Silva will be paid referral fees amounting to 16.67% of the selling price of the test. This amount will be paid for every 1,000 tests done. A lab will be set up in Brazil to serve private-paying patients in Brazil and other Latin American countries. The cost of the lab set up and operations will be fully financed by IVQ's Brazilian partners. Whereas many cancer treatments are "one-size-fits-all", Invitrocue's Onco- PDO® test takes a personalised approach and allows physicians to prescribe the most appropriate treatment regime for a particular patient. After three (3) years from the date of the definitive agreements, IVQ Singapore shall have the right to purchase all securities in Invitrocue Brazil for an amount equivalent to three times (3x) Invitrocue Brazil's gross revenue in the previous twelve (12) months, as calculated by an independent accountant. The memorandum of understanding contains various other provisions considered standard for agreements of this nature.