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    KALO   US48343P2083

KALLO INC.

(KALO)
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Kallo Inc. Receives Copies of the Contract Documents for National Healthcare Projects from the Ministry of Health and the Ministry of Finance of the State of Eritrea

12/23/2020 | 11:40am EST

On December 18, 2020 Kallo Inc. received executed copies of the following contract documents for National Healthcare Projects from the Ministry of Health and the Ministry of Finance of the State of Eritrea (the Ministry") as entered into between and among: the Ministries, Techno-Investment Module Limited, a corporation domiciled in the Republic of Belarus with offices in Minsk, Republic of Belarus (TIM") and Kallo Inc. (the Agreement"). National Healthcare Projects. Kallo is solely responsible for the delivery to the Ministry, all goods that are to be provided under the Agreement; Kallo assumes all risk of loss for the delivery of all goods to the Ministry and all such goods are to be insured at Kallo's sole expense and in a freely convertible currency; Kallo is solely responsible to complete tests and inspections of all goods to be delivered to the Ministry and do so without any cost or expense to the Ministry; The Ministry has the right to require that Kallo carry out any one or more additional tests that the Ministry may deem necessary to verify that the characteristics and performance of the goods delivered by Kallo comply with technical specifications at the expense of the Ministry as set forth in the Agreement; upon delivery of goods to the Ministry by Kallo, satisfactory completion of all tests and the approval and acceptance of the test results by the Ministry, the Ministry is to issue a Notice of Acceptance"; the Ministry has the right to reject any goods provided by Kallo that fail to pass manufacturer's prescribed tests and/or inspection or do not conform to the specifications set forth in the Agreement or in any referenced understandings; all goods and services provided by Kallo under the Agreement are warranted by Kallo to be suitable for the purposes set forth in the Agreement and are to conform to the specifications set forth therein. Notwithstanding any satisfactory test results, Kallo is not released from any of the warranties made by Kallo under the Agreement and all warranties continue for a period of twelve (12) months from and after completion of any acceptance testing" by the Ministry; Kallo indemnifies and holds the Ministry harmless from and against any claims, suits, and actions asserting any violation of any applicable patent claims, copyright claims, and both; except for criminal negligence or willful misconduct, Kallo is not responsible, whether in contract, tort, or otherwise, for any indirect or consequential loss or damages suffered or incurred by the Ministry or other persons affiliated with the Ministry and the aggregate liability of Kallo shall not exceed the purchase price of the goods acquired from Kallo by the Ministry. Further, the Ministry, TIM and Kallo have agreed that: Each of the Contract Payments is expected to be delivered to Kallo and Kallo will deliver EUR 25,000,000 of each payment to the Ministry's National Food Security Program. Overall, the Agreement and the transactions contemplated by the Agreement involve significant risks and uncertainties. In that respect and in other respects, we cannot assure you that any of the express written contractual understandings contained in the Agreement and any of the unwritten but implied understandings not recited in the Agreement and those that we may enter into will be successfully undertaken. We have no prior contractual experience working with the State of Eritrea or any persons at the Ministry except as set forth in the Agreement.


ę S&P Capital IQ 2020
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Financials (USD)
Sales 2020 - - -
Net income 2020 -36,1 M - -
Net Debt 2020 1,36 M - -
P/E ratio 2020 -1,21x
Yield 2020 -
Capitalization 35,0 M 35,0 M -
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 4
Free-Float 80,5%
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Managers and Directors
John Cecil Chairman, President, CEO, CFO & Treasurer
Marion B. Lyver Chief Medical Officer
Rod MacMillan Technology Director
Lloyd A. Chiotti Chief Operating Officer, Director & Executive VP
Samuel R. Baker Secretary & Director
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