Under the terms of the LOI,
The collaboration agreement has three phases:
PHASE I: Developing and testing a sales, marketing, and distribution strategy for Humisoil and XLR8 in the designated territories. Partner will purchase a standard package of SGTM-VRM products to begin the manufacturing process, expect PHASE 1 completion by the end of Q2-2024.
PHASE II: Knowledge and technology transfer from SGTM to Partner, enabling and establishing the infrastructure for manufacturing, distribution, and sales of HUMISOIL® and XLR8®Bio, within the territories. The expectation of PHASE II completion is by the end of Q3-2024.
PHASE III: Scaling up the manufacturing, sale, and distribution of SGTM-VRM products, focusing on waste mitigation, odor elimination, bio-cleaning, and soil regeneration. PHASE III expects to commence by
The pricing structure will involve the Caribbean Partner purchasing SGTM's manufactured products wholesale. At the same time, the Partner will pay SGTM a revenue share or licensing fee for any products the Partner manufactures.
This LOI establishes an initial term of five years from the execution of the Definitive Agreement, with automatic one-year renewals based on mutually agreed-upon thresholds. The Definitive Agreement will outline the obligations and terms of the relationship, including a manufacturing, sale, and distribution agreement and a license agreement.
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Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products, and services, competitive positions, growth opportunities, plans and objectives of Management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. The Company cautions readers not to rely on any such forward-looking statements, which speak only as of the date made. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Company Contact:
www.sustainablegreenteam.com
Traynor@sgtmltd.com
407-886-8733
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Sustainable Green Team, Ltd. (SGTM) Signs Letter-of-Intent with Caribbean Partner to Expand Its Global Presence in 4 Caribbean Islands
- Sustainable Green Team, Ltd. (OTCQX: SGTM) ($SGTM), a leading provider of sustainable and eco-friendly products, signed a Letter of Intent (LOI) to expand its global presence in Jamaica , Trinidad , Bahamas , and Barbados - https://www.thesustainablegreenteam.com/
2024 GlobeNewswire, Inc., source